World financial clearinghouse agrees to shut out Iran from network

            The financial clearinghouse Swift, which is used by virtually every country and major corporation in the world, has agreed to shut out Iran from its network. Swift said in a statement on its web site that it will comply with the expected instruction to cut off Iranian banks. Swift has previously brushed off international efforts to use its network to target countries or companies, telling enforcers that it does not judge the merits of the transactions passing through the portal. The company statement said the decision essentially to kick out a member country "reflects the extraordinary and highly exceptional circumstances of significant multilateral international support for the intensification of sanctions against Iran." The move was made under strong pressure from the United States and the European Union, which are looking for ways to derail Iran's nuclear program quickly without a military strike. Mark Dubowitz, an Iran sanctions expert advising the Obama administration told the Associated Press that if Swift follows through on its public commitment to ban Iranian banks, it could sever the Iranian regime's financial lifeline.