Iran announces SWIFT replacement

Islamic Republic says it founded independent financial transaction service to replace global group, which cut it off in March

Dudi Cohen

(…)

As it is nearly impossible to operate in the business world without SWIFT's services, the measure was considered as a major step towards Tehran's global isolation.

Iran's announcement was received as yet another attempt by the Islamic Republic to circumvent the financial sanction imposed on it by the West, over its refusal to suspend its nuclear program.

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