EU Bans Dealings With Sanctioned Iranian Banks

Law360, New York (March 15, 2012, 4:37 PM EDT) -- The European Union said Thursday that it would ban financial communications with Iranian banks subject to European sanctions, and the cooperative service responsible for global wire transfers said it would halt its communications with the sanctioned banks.

The decision by the European Council prohibits the Society for Worldwide Interbank Financial Telecommunication and similar entities from communicating with Iranian banks sanctioned by the EU.

"The Council agreed that no specialized financial messaging shall be provided to those persons and entities subject to an asset freeze," the EU...
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