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March 18, 2012 12:27 pm

Israeli Minister: SWIFT Sanctions May Force Iran to Halt Nuclear Program

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Israeli Finance Minister Yuval Steinitz. Photo: Beit Hashalom.

JPost – Finance Minister Yuval Steinitz said Sunday that SWIFT’s decision to halt Iran’s ability to use its electronic fund transfer system to make international transfers constitutes a tremendous blow that could potentially lead to the collapse of the Iranian economy.

SWIFT is the world’s largest electronic payment system and on Saturday implemented its decision to cut off 30 Iranian banks blacklisted by EU supported economic sanctions. By SWIFT’s own admission, the move is “extraordinary” and “unprecedented.”

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