January 31, 2012 | Quote
Swift Sanctions on Iran
Swift is also Iran's gateway to a financial clearing mechanism (known as TARGET 2 and equivalent to the FedWire in the U.S.), through which it conducts much of its $35 billion in trade with Europe. Swift “offers more than mere technical assistance,” says Mark Dubowitz of the Foundation for Defense of Democracies, which has done most of the spadework on the issue. “They provide the prerequisite codes that allow you to process a transaction.” Without Swift, much of that $35 billion in trade couldn't happen.