Israel Finance Minister: SWIFT Decision May Cause Collapse of Iran's Economy

Finance Minister Yuval Steinitz welcomes Iran's exclusion from international financial networks, saying it dealt a 'tough blow' to Iran.

DPA
DPA
Send in e-mailSend in e-mail
DPA
DPA

Finance Minister Yuval Steinitz on Sunday welcomed the exclusion of Iranian banks from international financial transfer networks.

The decision deals "a tough blow to Iran's economy" and "makes the import and export of oil very difficult," he told reporters before the weekly cabinet meeting in Jerusalem.

Finance Minister Yuval SteinitzCredit: Tess Scheflan

"This thing can cause the collapse of the Iranian economy. Is it enough? I don't know. Is it significant and will it affect their endurance? Without a doubt it is a very dramatic step," he said.

All Iranian banks that were already subject to a freeze on their EU-held assets are affected, including the central bank and several commercial lenders.

It was to be applied as of 1600 GMT on Saturday, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said Friday.

EU countries agreed to the measure on Thursday, as part of efforts alongside the United States to pressure Iran into backing down on its nuclear program, which the West suspects is of a military nature.

Iran insists it is strictly peaceful.

SWIFT, which has a global reach, said it had to comply with EU demands because it is registered in EU member Belgium and subject to that country's legislation.

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

SUBSCRIBE
Already signed up? LOG IN

ICYMI

Charles Lindbergh addressing an America First Committee rally on October 3, 1941.

Ken Burns’ Brilliant ‘The U.S. and the Holocaust’ Has Only One Problem

The projected rise in sea level on a beach in Haifa over the next 30 years.

Facing Rapid Rise in Sea Levels, Israel Could Lose Large Parts of Its Coastline by 2050

Tal Dilian.

As Israel Reins in Its Cyberarms Industry, an Ex-intel Officer Is Building a New Empire

Queen Elizabeth II, King Charles III and a British synagogue.

How the Queen’s Death Changes British Jewry’s Most Distinctive Prayer

Newly appointed Israeli ambassador to Chile, Gil Artzyeli, poses for a group picture alongside Rabbi Yonatan Szewkis, Chilean deputy Helia Molina and Gerardo Gorodischer, during a religious ceremony in a synagogue in Vina del Mar, Chile last week.

Chile Community Leaders 'Horrified' by Treatment of Israeli Envoy

Queen Elizabeth attends a ceremony at Windsor Castle, in June 2021.

Over 120 Countries, but Never Israel: Queen Elizabeth II's Unofficial Boycott