EU prepares to evict Iran’s banks from banking hub

AP, Brussels, 23 Feb 2012 – A senior EU official says the bloc is preparing regulations that will shut out Iran’s banks from a major financial clearinghouse used by virtually every country in the world. The official, who spoke on condition of anonymity because of European Union rules, said Tuesday the regulations are being worked on, but should be adopted ‘rather quickly.’ The move is part of an unprecedented escalation of economic pressure by the United States and the EU meant to halt Iran’s suspected drive for nuclear weapons. An EU embargo on Iranian oil will take effect this summer. The Brussels-based Society for Worldwide Interbank Financial Telecommunication, or SWIFT, said last week it would comply with EU instructions to cut off the Iranian banks.