SWIFT handles financial transactions for around 7800 financial institutes in more than 200 countries. The Society for Worldwide Interbank Financial Telecommunication was founded in 1973 and transfers finances between banks, brokers and stock exchanges.
This Belgian company handles $6 Trillion in internalional bank transfers daily. Under US pressure SWIFT will stop Iran from using its system by just deleting the Iranian bank funds transfer account number. So what says India and China, who may purchase oil with gold bullion driving the value of the dollar down.
India Buying Iranian Oil With Gold Bullion, China May Follow
SWIFT CUTTING OFF IRAN MAY NOT WORK WHY?
3/15/12: White House Press Briefing
Will Iran be able to get around these Western sanctions?
“China, Iran’s biggest oil customer, openly dismisses U.S. sanctions while India, the second-largest customer, transfers payments to Iran through Turkish banks. The Turkish banks, in turn, feel safe because Turkey, which imports 30 percent of its oil from Iran, is also reluctant to join the sanctions effort.
Enlisting these three countries, as well as many smaller Asian countries, in the sanctions regime is a key priority for Western officials, who recognize that cutting off formal financial channels does not necessarily spell an end to ways money can be transferred between willing partners.
Gerald Knott, an oil expert at the Cyprus-based Middle East Economic Survey, thinks that this would be particularly true of Asian countries, which “might be less tied in to international finance.”
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