US Senate seeks to shut Iran out of global banking system
US Senate's latest package of sanctions against Iran seeks to eject the Iranian financial sector form a global banking system used to transfer money between banks across the world. - On Thursday, Senate's Banking Committee passed a bipartisan bill that targets Tehran's energy and telecommunications sectors. If passed into law, the bill will require the White House to press the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to shut out the Iranian Central Bank and financial institutions from the system. The motion would authorize the US Treasury to impose sanction against SWIFT and its affiliated financial institutions, unless the Belgium-based body excludes Iranian banks. In response, SWIFT has announced that it will comply with any future sanction laws. The new bill would also give the US legal authority to sanction foreign companies that buy oil from the National Iranian Oil Company (NIOC), have oil shipped by the National Iranian Tanker Company (NITC), or supply Iran with telecommunications equipment.
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