Iran has been denied access to the worldwide messaging system used to arrange money transfers, a move that is expected to affect Iran's oil exports and economy. The South Pars gas field in Assalouyeh, Iran, is shown here in 2010.
Originally published on Mon March 19, 2012 2:16 pm
Iran has faced international sanctions for more than three decades, which have hurt, but never crippled its economy.
Now, a new move by a relatively obscure financial institution in Europe could make it much more difficult for Iran to do basic things crucial to its economy, such as selling oil and obtaining hard currency.
As of Saturday, many Iranian banks, including the Central Bank, have been refused access to a worldwide financial messaging system that's used to arrange transfers of money.
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