A telecommunication network that is essential to the way global banks do business expelled 30 Iranian financial institutions Saturday. Iran’s banks use the network to bring money in from the sale of oil.
It was the first time the Society for Worldwide Interbank Financial Telecommunication (SWIFT) had ever taken such a drastic step–and it will further isolate and punish Iran for its nuclear ambitions.
But Hooman Majd, an Iranian-American writer and foreign policy commentator, said those sanctions may have an unanticipated effect.
Subscribe to The Iranian newsletter
Sign up for our daily newsletter to get the top news stories delivered to your inbox.