Global Bank Hub Ready To Implement Iran Sanctions

Published February 17, 2012 3:18PM (EST)

BRUSSELS (AP) — An international banking clearinghouse crucial to Iran's oil sales says it is prepared to discontinue services to Iranian financial institutions targeted by EU and U.S. sanctions.

The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, said Friday that both the United States and the European Union are drafting new measures which would affect its ability to provide services to Iranian clients.

The Brussels-based hub, used by virtually every nation in the world, said it is ready to comply with those regulations "as soon as it has clarity on EU legislation currently being drafted."

The U.S. and the EU are raising pressure on Tehran because of fears over its nuclear program, which Iran insists is peaceful.

By Salon Staff

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