Stop Fundamentalism – Worlds most import financial hub, SWIFT, will have to reconsider its relationship with all Iranian Banks once the European Union introduces its new regulations to sanction the Islamic Republic’s financial institutions, limiting their access to international financial resources.
“The European Union is preparing regulations that will shut out Iran’s banks from a major financial clearinghouse used by virtually every country in the world,” a Senior European Union official told Associated Press Thursday. The official who wanted to stay anonymous told AP reporter that the “regulations should be adopted rather quickly.”
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, which handles cross-border payments, said it is prepared to cutoff Iranian banks.