“The commercial pressure on India has begun to show. The Indian Export Credit Guarantee Corporation, which underwrites the risk of Indian exporters, said that it would not halt insurance cover for exports to Iran but that it is become “very cautious” and “will try to keep our exposure at the minimum level.”
“With the Turkiye Halk Bankasi unable to provide third-party financial intermediation and with Dubai-based middlemen unable to easily deal with Iranian firms, about US$3 billion in Iranian arrears against Indian traders have built up since December 2010. These commercial headaches have soured India-Iran business relations.
“On February 24, SWIFT, the main financial messaging service for international money transfers, threatened to cut Iran out of its network. The Society for Worldwide Interbank Financial Telecommunications (as SWIFT is less commonly known) deals with about 10,000 member banks and transmits 17 million financial messages per day. In 2010, 19 banks and 25 financial institutions in Iran transmitted 2 million messages through the SWIFT network.” …
This is what the myth of “free trade” is all about: monopolization and control.