Thursday, March 15, 2012

SWIFT Cuts Ties with Iran

The SWIFT global financial transaction service today cut its ties with Iranian banks that are subject to EU sanctions. The action makes it impossible for the Iranian banks to engage in international transactions and would isolate Iran financially.

"Disconnecting banks is an extraordinary and unprecedented step for SWIFT," Lazaro Campos, chief executive of SWIFT, said. "It is a direct result of international and multilateral action to intensify financial sanctions against Iran."

Source: AP, 15 March 2012

UPDATE: the Brussels-based SWIFT announced the cut off date would be Saturday 17 March. SWIFT, described as the ‘glue’ of the global banking system, handles payments among banks worldwide at more than $6 trillion each day. Iran’s exclusion from the system will severely limit the country’s ability to conduct international banking transactions.


Anonymous said...

unfortunately this looks like as war is coming; it does not look that the west was interested in any kind of negotiation in the first place ...

Anonymous said...

I presume the regime apologists Trolls will say that this act will make the Iranian economy "stronger" and more "independent"?

Anonymous said...

Anon 12:15:

To paraphrase an American saying: Independence ain't cheap.

Anonymous said...

Iran talks about 'human monitoring'

Anonymous said...

If you think that cutting off ties with Iranian banks will put a stop to its nuclear program then you're in for a rude awakening.

Anonymous said...

Anon 12:31 PM

So called Independence:

"Independence" is giving our oil away cheaply to countries like China and India so that they benefit from.
"Independence" is allowing Qatar to steal our gas from PARS gas field and laugh at our faces.
"Independence" is giving our 50 percent Caspian sea and making it 13 percent so that Azerbaijan has the greater share.
"Independence" is neglecting our true cultural heritage and replacing it with a Arab non Iranian heritage.
You can go on about your so called "Independence ain't cheap" but it's coming cheap for all those countries Iran is doing "deals" with and very costly with absolutely no benefits to the future of the Iranian nation.

This is not "Independence" but subjugation by countries like China and even Turkey.
Open your eyes if your Iranian and don't listen to propaganda by a bunch of liars in power.

Anonymous said...

What a wonderful lesson for the Iranians living in the west who constantly attack the regime. Well now you can't send or receive money from your families.

Anonymous said...

"Independence" is giving our oil away cheaply to countries like China and India so that they benefit from."


This is really dumb. During Khatami's period oil was sold for 10-15% (!) of what it's sold for now.

Anonymous said...

----unfortunately this looks like as war is coming; it does not look that the west was interested in any kind of negotiation in the first place ...----


this looks like the West is interested in negotiations that produce a result acceptable to the West and not just more of Iran's posturing and negotiations that are fruitless. There already have been years of negotiations and no result.

This is simply the West saying that Iran can instead of playing at negotiations, instead play with itself.


----If you think that cutting off ties with Iranian banks will put a stop to its nuclear program then you're in for a rude awakening.-----

this can't put a stop to the Iranian weapons program, but it can stop Iran's economy from doing anything but withering.

Iran can have bombs and no commerce with the world.

Anonymous said...

Anon 11:01 PM

Is it really dumb?
Khatami or Ahmadi they are the same rubbish under the anti Iranian flag of this anti Iranian theocracy.
Oil is "sold"to China much cheaper than market value.Then the Chinese can sell the oil on at the real value with bigger profit for the Chinese.
Result they laugh at our faces for being "dumb". And you know why?
Because the regime needs the veto by China and Russia against the West regarding the nuclear program.
And the theocracy sells Iran's resources at the lowest bidder to preserve themselves in power.
And you mention that laughing jackal Khatami.

Anonymous said...

Anon 11:00 PM

Don't you worry about our families.
Worry about your own families who have decided to make their beds with this regime and now you have nothing but bed bugs fleas and ticks.

Anonymous said...

he iran does not trade oil against $ or €.

therefore the switft is realyy not needed.

Anonymous said...

Anon 3:30 PM

You regime apologists are laughable!
If the very air that is in Iran that the people breath is taken away,you will all say the air wasn't needed!

Bunch of comedians.

Anonymous said...

swift has only been used by private citizens.
The Govt. uses different means.
Wont change much except it shows the world needs an alternative soas not to be suseptible to blackmail.

Nader Uskowi said...

The effect of SWIFT action is that the Iranian financial institutions, including the central bank, will be disconnected from the global banking messaging system. These institutions are used by both the government and the private citizens.

Anonymous said...

Dear uskowi
The global banking system is rooten/corrupted system. It made the finance Crisis around the word, it made the Euro crisis which devaluate my Salary.
who needs this Swift system
only few iranian want to tranfer
money to europe.

as I know only 40 Banks in iran have a swift code, that is not too much. If you want to trade with your Asia Bank partner, you donot need the Swift to tranfer money.

Anonymous said...

Hey Nader, how you doing? I hope you're well!

Amu Nader,
if Iran gets no Dollar and no Euro, why they will need Swift?

To get the money paid in Rupies or or another currency other then € or USD the iranians negotiatet alot with other countrys. Now they have their agreements. Promt they will be cut off by SWIFT!
No problem. They will find another way...i promisse you know we iranians are smart. the ayatollahs also are very smart. not much educated. But smart like a snake...dont forget that...they are the last kind of mubaraks and they still in power! Think about it!

Sorry but i think we got a lot of OilTrader Specialists here in this Blog. What the f.... Hell are you talking about the price that china gets iranian Oil.
If you have a factory and you give one third of your products to one Costumer you wont give him an discount?

So get a "Sanad" about what price the goverment sell the oil to china and then we can talk about it! All other talk is just CHEAP! Not the Oil my friends!
Underestimate the akhunds is a big mistake that the west and we iranians in the west go through every day!
Be Honest how many of you said in the early days of the election 2009: Its the End. We know that. We saw it once!!! And???

My Best wishes to all of you and your families for Noruz! And let us all pray to God that there will be no War!

Anonymous said...

Anon 2:06 AM

And what are those "means"?

Anon 7:24 AM

You do need SWIFT to transfer money because Asian banks are plugged into the same banking system.
If Asian banks deal with regime, US will blacklist those banks.
Now they wouldn't want that would they?

Anonymous said...

Unfortunately, Iran still has China and Russia who continue to buy Iran oil. Iran is turning itself into an isolationist country like N Korea... People take back your country before its too late.

Anonymous said...

It's sad that we do not see any intelligent analysis of this news.

Allow me to provide it. There are two types of entities who transfer money. (a) Large ones with the influence to send their own communications e.g. via a phone call (all SWIFT does is send messages; it's essentially an instant messaging system) and (b) small ones who do not have that luxury and who had to rely on SWIFT. The latter group consists of virtually all the Iranians in the west and all the small time Iranians in Iran who deal with the West (something the Mullahs don't want Iranians to do).

The Mullahs are happy that the west is creating the barrier that they had been unable to create for decades.

Anonymous said...

Certainly makes transactions and commerce more difficult...But one possible way around it is for Iran to accept payment for oil in a bank outside the country, and that money then could be used to buy goods or services that then flow into Iran.

Anonymous said...

Cut the B***S***T guys despite all your theories Iran is out of the global financial system reality sucks doesn't it?

Anonymous said...

@March 17, 2012 12:28 PM


Anonymous said...

Anon March 17 12:28 PM

You don't know what your talking about.