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Iranian Banks Cut Off from World Payment System
(AP-Boston Globe) Don Melvin - Iran was largely cut off from global commerce Thursday after the company that handles worldwide financial transactions said it was severing ties with many Iranian banks to back EU sanctions against Tehran. The action by the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, aims to enforce EU sanctions discouraging Tehran from developing nuclear weapons. The company said the EU decision to impose sanctions "prohibits companies such as SWIFT to continue to provide specialized financial messaging services to EU-sanctioned banks" and "forces SWIFT to take action."