Banking agency OKs
blocking out Iran

A financial clearinghouse in Brussels agreed Friday to shut out Iran from its network under strong pressure from the United States and the European Union. The groups are looking for ways to derail Iran’s nuclear program quickly without a military strike.

“If SWIFT (The Society for Worldwide Interbank Financial Telecommunication) follows through on its public commitment to ban Iranian banks, it could sever the Iranian regime’s financial lifeline,” said Mark Dubowitz, an Iran sanctions expert advising the Obama administration. “It would also be a significant political embarrassment for the regime: Iran would be the first country in SWIFT’s history to be expelled from what is the financial equivalent of the United Nations.”

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