Azerbaijan, Baku, Feb. 29/ Trend F.Milad/
The West will face many financial problems if it bans banking transactions through the SWIFT system with Iran, an Iranian bank official stated.
Many European and American companies and economic enterprises have vast financial transactions with the Islamic republic. Closing the SWIFT system on Iran will certainly face them with severe problems, Bahaeddin Hosseini Hashemi told Fars news agency.
The world's biggest electronic banking system is ready to block Iran's central bank from using its network to transfer funds, a U.S. congressional aide said last week after a briefing from the Belgium-based group earlier this week, Reuters reported.
Such a move by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, would prevent Tehran from sending payment orders electronically around the world and give the West another tool in its effort to force Iran to retreat from its nuclear programme.
Under pressure from the United States to stop Iran's banks from using its global network, SWIFT has said it was prepared to block Iranian transactions.