Iran banking cut (2)

Swift, the provider of international banking connections, removed Iran from its system. This was done in response to concerns about Iran's nuclear program. This makes it impossible to make monetary transactions with Iran, so even countries still willing to trade have to use some other form of currency, such as gold. Iran's economy is almost entirely dependent on oil exports so this, in all practical sense, trade embargo will cripple its economy. On the other hand the lack of oil for the rest of the world will raise their oil prices hurting the global economy. http://www.bbc.co.uk/news/business-17390456