Very few situations benefit from premature cord cutting.
1) If the cord is wrapped around the baby's neck so tight that it can not be unwound and the baby can not be born further. Some women have very short cords so this could happen with only one loop. OTH I know of cases where the cord was looped 4-7 times and it did not prevent normal birth even w/o being unwound. (In the 7 loops case it didn't even show up on the hospitals internal fetal monitor.)
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2) Twins. I'm a little fuzzy on the exact issues/reasoning as I've never needed to know but I think the concern there is if you have a joined placental circulation twin A will continue to receive blood not just from the placenta but from twin B as well.Â
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Slightly off topic but there was a wonderful scientfic paper about why allowing full transfer is essential especially to preemies. It mentioned that in the event of a c/s the baby can be left attached and held below the level of the placenta and once the placenta is removed you hold the placenta above baby like an IV. Hope none of us ever need that info but its nice to know what can and should be done in the event of a c/s to help baby breathe!