SWIFT announced the service which connect all the banks globally will not be available for Iranian banks from March 17 because of EU Council decision to put more sanctions on Iran over its nuclear program .
Belgian Treasury has confirmed this order and SWIFT system should follow the instructions to discontinue its communications services to Iranian financial institutions that are subject to European sanctions .
“This EU decision forces SWIFT to take action .” said Lázaro Campos , CEO of SWIFT . “Disconnecting banks is an extraordinary and unprecedented step for SWIFT . It is a direct result of international and multilateral action to intensify financial sanctions against Iran .”
Iran usually use SWIFT to transfer the revenues of oil’s export and by taking this decision , Iran will face a hard situations .
China and India the biggest importers of Iran’s oil are going to pay gold instead of cash money to Iranians because they can not transfer even a penny to Iran .
