Two of America’s biggest financial institutions could end up going against Trump’s renewed sanctions against Iran. The Free Beacon reports:
Two top American financial institutions would not commit to cutting Iranian access to international financial markets, a cornerstone of the Trump administration’s new sanctions on Iran, adding fuel to concerns among U.S. officials about efforts by European countries and Iran’s regional allies to skirt the new American sanctions ahead of a Nov. 4 implementation deadline, the Washington Free Beacon has learned.
J.P. Morgan and Citibank—top American financial institutions that sit on the board of the SWIFT financial network, which facilitates international banking transactions—declined Free Beacon inquiries into whether they intend to disconnect Iran from the network and comply with the Trump administration’s sanctions.
Both banks could play a pivotal role in ensuring SWIFT and its members obey the new sanctions, which target Iran’s Central Bank and critical infrastructure networks.
However, an ongoing standoff between European allies and the Trump administration over the implementation of the new sanctions threatens to force these U.S. financial institutions to pick a side.
Will this end up hurting Citibank and J.P. Morgan domestically?