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SWIFT
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====Iran==== In January 2012, the advocacy group [[United Against Nuclear Iran]] (UANI) implemented a campaign calling on SWIFT to end all relations with Iran's banking system, including the [[Central Bank of Iran]]. UANI asserted that Iran's membership in SWIFT violated US and EU financial sanctions against Iran as well as SWIFT's own corporate rules.<ref>{{Cite news |last=Gladstone |first=Rick |date=31 January 2012 |title=Iran Praises Nuclear Talks with Team from U.N. |work=The New York Times |url=https://www.nytimes.com/2012/02/01/world/middleeast/iran-calls-un-nuclear-teams-visit-constructive.html |access-date=4 February 2012}}</ref> Consequently, in February 2012, the [[United States Senate Committee on Banking, Housing, and Urban Affairs|U.S. Senate Banking Committee]] unanimously approved sanctions against SWIFT aimed at pressuring it to terminate its ties with blacklisted Iranian banks. Expelling Iranian banks from SWIFT would potentially deny Iran access to billions of dollars in revenue using SWIFT but not from using [[Informal value transfer system|IVTS]]. [[Mark Wallace]], president of UANI, praised the Senate Banking Committee.<ref name="nyt">{{Cite news |last=Gladstone |first=Rick |date=3 February 2012 |title=Senate Panel Approves Potentially Toughest Penalty Yet Against Iran's Wallet |work=The New York Times |url=https://www.nytimes.com/2012/02/03/world/middleeast/tough-iran-penalty-clears-senate-banking-panel.html |access-date=4 February 2012}}</ref> Initially SWIFT denied that it was acting illegally,<ref name="nyt" /> but later{{when|date=May 2021}} said that "it is working with U.S. and European governments to address their concerns that its financial services are being used by Iran to avoid sanctions and conduct illicit business".<ref>{{Cite news |last1=Solomon |first1=Jay |last2=& Adam Entous |date=4 February 2012 |title=Banking Hub Adds to Pressure on Iran |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052970203889904577201330206741436 |access-date=4 February 2012}}</ref> Targeted banks would be—amongst others—[[Saderat Bank of Iran]], [[Bank Mellat]], [[Post Bank of Iran]] and [[Sepah Bank]].<ref>{{Cite news |date=17 February 2012 |title=Banking's SWIFT says ready to block Iran transactions |work=Reuters |url=https://www.reuters.com/article/iran-sanctions-swift-idUSL5E8DH31020120217 |access-date=17 February 2012}}</ref> On 17 March 2012, following an agreement two days earlier between all 27 member states of the [[Council of the European Union]] and the council's subsequent ruling, SWIFT disconnected all Iranian banks that had been identified as institutions in breach of current EU sanctions from its international network and warned that even more Iranian financial institutions could be disconnected from the network. In February 2016, most Iranian banks reconnected to the network following the lift of sanctions due to the [[Joint Comprehensive Plan of Action]].<ref>{{Cite news |last=Torchia |first=Andrew |date=17 February 2016 |title=Iranian banks reconnected to SWIFT network after four-year hiatus |work=Reuters |url=https://www.reuters.com/article/us-iran-banks-swift-idUSKCN0VQ1FD |access-date=21 April 2016}}</ref> In November 2024, Iran implemented a [[paradigm shift]] approach to shift the focus from the SWIFT payment system by initiating the concept of bringing [[ACUMER]]. ACUMER was coined by Iran as a retaliation to the international sanctions imposed by the United States which has ever since limited Iran's competitive edge in the context of [[international trade]].<ref name=":1">{{Cite web |last= |date=2024-11-25 |title=Iran top banker: Significant measures taken to counter sanctions |url=https://en.irna.ir/news/85670174/Iran-top-banker-Significant-measures-taken-to-counter-sanctions |access-date=2025-02-26 |website=IRNA English |language=en}}</ref> Iran had long conceived an idea of bringing a viable alternative option to SWIFT in order to actively engage in smooth economic activities and international trade.<ref>{{Cite web |date=2024-11-25 |title=Iran unveils SWIFT competitor called ACUMER |url=https://www.intellinews.com/iran-unveils-swift-competitor-called-acumer-354944/ |access-date=2025-02-26 |website=www.intellinews.com |language=en}}</ref>
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