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When sanctions imposed in 2012 blocked Iran's banks from using SWIFT, the economic impact was "profound," says Mark Dubowitz of the Washington-based Foundation for Defense, which has lobbied the U.S. government to take a hard line against Iran. "We know it has been painful," Dubowitz says, because in talks with the West, "Iranian negotiators have systematically demanded that this is one of the sanctions that should be relieved first."
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Most big banks outside Russia, however, "would be very reluctant" to help Russia bypass SWIFT, Dubowitz says. They could face reprisals from the U.S. and EU, or might even be expelled from SWIFT, since the cooperative's bylaws forbid members from participating in activities that could harm it.
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