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Banking sanctions tighten financial pressure on Iran

Move could deal blow to nation’s vital oil industry

By Don Melvin

 |  Associated Press  

  March 16, 2012

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 European Union sanctions discouraging Tehran from developing nuclear weapons.

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