SWIFT cutoff for Iranian banks (2012)
The EU and US pressured SWIFT, the global payments messaging network, to disconnect Iranian banks. The cutoff halted most of Iran's oil trade and data on financial transactions.
Iranian oil exports fell by roughly half within a year, and Iran returned to nuclear negotiations in 2013.
The SWIFT cutoff is widely credited as decisive in bringing Iran to the JCPOA talks — the strongest evidence that financial isolation can change Iranian behavior.
Bessent's campaign aims to replicate that effect by severing banks like Golden Global from dollar access. The 2012 precedent is the main reason optimists believe economic pressure can work.
