Connect with us

National News

Iran’s banks to be blocked from global banking system

Published

on

Central Bank of Iran, Tehran

Swift, the body that handles global banking transactions, says it will cut Iran’s banks out of the system on Saturday to enforce sanctions.

The move will isolate Iran financially by making it almost impossible for money to flow in and out of the country via official banking channels.

It will hit its oil industry, but may also have a heavy impact on Iranians who live abroad and send money home.

The move follows EU sanctions against Iran over its nuclear programme.

The US and its allies accuse Iran of trying to develop nuclear weapons – a charge it denies.

Almost all banking transactions pass through Belgium-based Swift, the Society for Worldwide Interbank Financial Telecommunication, which is sometimes called the “glue” that holds the financial system together.

Swift will pull the plug at 1600GMT on Saturday, in what is all but the final blow to Iranian business dealings.

Its announcement coincides with news that major money exchange houses in the nearby United Arab Emirates have stopped handling Iranian rials over the last several weeks, something that had further reduced Iran’s ability to trade and acquire hard currency.

Iran had already been largely frozen out of the global banking system by US anti-money laundering legislation which made it risky for banks around the world to do business with Iran, including trade financing.

One Iranian businessman said Swift’s move would make it now impossible to conduct business with Iran.

Morteza Masoumzadeh, a member of the executive committee of the Iranian Business Council in Dubai and managing director of the Jumbo Line Shipping Agency told the Reuters news agency: “If Iranian banks cannot exchange payments with banks around the world then this will cause the collapse of many banking relations and many businesses.”

Lazaro Campos, chief executive of Swift, said: “Disconnecting banks is an extraordinary and unprecedented step for Swift. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”

A company statement said the EU sanctions made it impossible for it to continue allowing European banks to deal with Iran, and had forced it to take the action.

Continue Reading
2 Comments

2 Comments

  1. Atoyebi O . Y

    March 15, 2012 at 9:32 pm

    This will kill many business man.

  2. ffrankie

    March 16, 2012 at 11:56 pm

    iran cant survive this one,they must obey.

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

Court To Begin Nnamdi Kanu’s ‘Treason’ Trial In Absentia

Published

on

Court To Begin Nnamdi Kanu’s ‘Treason’ Trial In Absentia

IPOB Leader, Nnamdi Kanu

A Federal High Court sitting in Abuja, Nigeria’s capital, is set to commence the trial of the leader of the Proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu.

The trial of the IPOB leader has been scheduled for November 26th and will see five prosecution witnesses lined up to testify against Kanu.

Also Read: Wike Ordered Police, Army To Kill IPOB Members, Nnamdi Kanu Alleges

This was disclosed in a hearing notice served on the prosecution team in the office of the attorney general and Kanu’s lawyer, Ifeanyi Ejiofor.

Kanu is facing charges bordering on treasonable felony instituted against him in response to years of campaign for the independent Republic of Biafra through IPOB.

Continue Reading

National News

Court Orders Reps Member To Produce Fleeing Maina’s Son Within Nine Days

Published

on

JUST IN: Court Orders Reps Member To Produce Fleeing Maina’s Son Within Nine Days

Abdulrasheed Maina’s son

House of Representatives member, Umar Sani Dan Galadima has been asked to produce Faisal, the son of Abdulrasheed Maina, who is believed to have jumped bail on or before December 4.

Faisal is being prosecuted before the court on money laundering related offences and was granted bail in 2019.

Honorable Galadima who is representing Kaura Namoda Federal Constituency of Zamfara State is standing surety for Faisal after signing a N60 million bond.

Also Read: BREAKING: Court Fixes Date For Ndume’s Bail Application

Justice Okon Abang in a ruling on Wednesday ordered Dan Galadima, who was present in court, to show cause by December 4 why he should either not forfeit the N60 million he pledged while taking Faisal on bail, or be sent to prison until he is able to produce the defendant.

Recall that on Monday, Justice Abang sentenced Senator Ali Ndume who is a surety for the former Chairman of the defunct Pension Reform Task Team who has also jumped bail.

Continue Reading

National News

Lawyer Dumps Maina, Applies To Quit Case

Published

on

Lawyer Dumps Abdulrasheed Maina, Applies To Quit Case

UpAbdulrasheed Maina

Adeola Adedipe, a lawyer hired by Abulrasheed Maina, ex-Chairman of defunct Pension Reform Task Team (PRTT), in his ongoing trial for money laundering, has applied to quit the case.

Maina’s lawyer who is also representing the company of the former PRTT Chairman – Common Input Property and Investment Ltd, informed a Federal High Court sitting in Abuja at the resumption of proceedings in the case on Wednesday, that he has filed a notice, indicating his intention to withdraw from further representing his client.

Also Read: Court Revokes Faisal Maina’s Bail For Failure To Attend Trial

Adedipe revealed that his brief has not been perfected due to the failure of his client to pay.

He apologised to the federal court presided over Justice Okon Abang for being absent from proceedings during some of the recent adjournments.

 

Continue Reading

Trending