today 13:01 – On Wednesday, the European Commission (EC) regretted the decision by a Belgian company operating a SWIFT banking system to suspend some unspecified Iranian banks into the system.
"We find this decision rather regrettable," said Maja Kocijančičová, spokesperson for the Foreign Affairs Commission.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a worldwide network to exchange electronic financial transaction reports between banks and other financial institutions. SWIFT is therefore the primary link between Iran and the international banking system.
SWIFT said on Monday (November 5th) that it has suspended Iranian banks' access to the system "for the sake of the stability and integrity of the wider global financial system".