The US plans to close Iran from SWIFT

The US plans to close Iran from SWIFT
The US plans to close Iran from the global payment organization, SWIFT, reporting Reuters this weekend. The measure is part of the United States's new economic penalties, which will enter into force at the beginning of November. The new US sanctions aim at completely halting the Iranian regime's oil exports.



"I can assure you that our goal is to ensure that the transactions that are subject to sanctions do not happen whether it's through SWIFT or any other payment mechanism," told US Reuters Finance Minister Steven Mnuchin for Reuters on Sunday.

Mnuchin further said that it will be more difficult than under the Obama administration for countries to be granted an exception to the forthcoming sanctions targeting the Iranian regime's oil exports.

"Our focus is to ensure that sanctions are enforced," he declared, saying that countries would eventually have to reduce imports to zero.

"I do not expect us to reach zero in November, but I expect we to come to zero eventually," he said. "We already see very significant reductions in advance before the sanctions enter into force," Mnuchin added on Sunday's interview with Reuters.

The US finance minister visits the Middle East and Israel this week to discuss the opportunities to put further pressure on Iran's regime.

EU member states decided in 2012 to shut down pirated Iranian companies and banks from SWIFT. The ban was lifted as the nuclear agreement between the Iranian regime and P5 + 1, the six major powers of the world, came into force on October 18, 2015.