Washington (CNN)Treasury Secretary Steven Mnuchin said Thursday that the financial messaging service that moves money around the global banking system will be cutting off Iran’s Central Bank.
US says Iran’s Central Bank to be cut off from global system
“I understand that SWIFT will be discontinuing service to the Central Bank of Iran and designated Iranian financial institutions,” Mnuchin said in a tweet. “SWIFT is making the right decision to protect the integrity of the international financial system.”
The decision by SWIFT means Iran’s Central Bank will be cut off from the international banking system and will cause significant economic pain, observers say. The move comes as the US tries to squeeze Iran with a slew of sanctions and economic measures that administration officials say are meant to make the regime change its behavior.