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One big reason is that America controls the SWIFT network for settling international transactions. If you hate American commercial bullying, perhaps the bigges

One big reason is that America controls the SWIFT network for settling international transactions. If you hate American commercial bullying, perhaps the biggest thing to be excited about is Europe's SWIFT-alternative, INSTEX. The world is so reliant on SWIFT currently that America can grind your commerce to a halt if you don't refuse to do business with entities it doesn't want you to. (I realize this current TikTok action is domestic-only and unrelated to SWIFT, but I'm speaking more broadly).

tobias3 6y ago
"SWIFT" is already in Belgium and INSTEX isn't a SWIFT replacement. This isn't a technical problem (one can transfer money other ways as well, for example). If an entity does business with Iran it risks being put on the US Entity List (think Huawei) or other sanctions. US influence currently is still far reaching and many businesses don't want to risk (future) complications for little gain (Iran isn't that large of an economy). The calculus changes if it is a market as large as China, though.