The Belgium-based firm which handles international wire transfers, Swift, has said it will block transactions by all EU-sanctioned Iranian banks at 5pm Brussels time on Saturday (17 March).
"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," the company's CEO, Lazaro Campos, said in a statement.
EU countries ordered Swift to act earlier on Thursday,...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.