US Secretary of the Treasury Steven Mnuchin announced in a tweet on Thursday that the financial messaging service that transfer money around the world’s banking system will be cutting off Iran’s Central Bank.
“I understand that SWIFT will be discontinuing service to the Central Bank of Iran and designated Iranian financial institutions. SWIFT is making the right decision to protect the integrity of the international financial system,” reads the tweet.
SWIFT’s decision comes after the new round of sanctions by US against Tehran. Iranian officials claim that the sanctions have no impact.
Washington has re-imposed oil and financial sanctions against Tehran early hours on November 5th, hoping to change the Islamic Republic’s regional and international behavior.
The sanctions came as a part of US president Donald Trump’s new approach to Iran. He pulled out of the 2015 Iran Nuclear deal in May, called the deal “worst ever” agreement.
According to a report by CNN experts believe that Iran’s blockage in the global banking System will cause “significant economic pain.”
