SWIFT has announced that it has been instructed to discontinue its communications services to Iranian financial institutions.
The company provides the platform and services that allows money to be transferred between more than 10,000 financial institutions and corporations in 210 countries.
However, a new European Council decision prohibits companies such as SWIFT from continuing to provide specialised financial messaging services to EU-sanctioned Iranian banks.
The firm’s chief executive officer, Lázaro Campos, comments: “Disconnecting banks is an extraordinary and unprecedented step for SWIFT.”
He adds: “It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”
The disconnection will become effective on Saturday 17th March at 16.00 GMT.