US lawmakers urge Iran expulsion from SWIFT banking network

August 23, 2018 - 10:16 am

WASHINGTON (AP) — Republican lawmakers are calling for Iran to be expelled from the main financial system that oversees international bank transfers, as the Trump administration steadily re-imposes sanctions on the country following the U.S. withdrawal from the Iran nuclear deal.

A group of 16 GOP senators led by Ted Cruz of Texas urged Treasury Secretary Stephen Mnuchin on Thursday to take "all necessary steps" to disconnect Iran from the SWIFT network. They said the renewed U.S. sanctions won't be effective unless that step is taken.

President Donald Trump withdrew from 2015 nuclear accord in May and re-imposed some sanctions on Iran earlier this month over the objections of Iran and the other parties to the deal, including Britain, France and Germany. A second batch of sanctions will be re-imposed in November.

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