Iranian banks cut off from global financial system

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The EU Council had decided to tighten restrictions on dealings with Iranian financial institutions over concerns about its nuclear program.

The U.S. Treasury Department hailed the move by SWIFT as the latest in a series of steps to discourage Iran from pursuing the project.

"Today’s decision reflects the growing international consensus that substantially increased pressure is needed to convince the Iranian regime to address the international community’s concerns about its illicit nuclear activities," said David Cohen, the Treasury's under secretary for terrorism and financial intelligence. "The United States will continue to work closely with our European and other partners in the international community to increase further the pressure on Iran and to strengthen the impact of our sanctions."