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U.S. Banks Feeling Pain of Economic Sanctions Against Iran
By Brian Orsak
printCorrection Appended U.S. efforts to isolate Iran from the global financial system are inflicting unanticipated pain on U.S. financial institutions in the form of rising compliance costs. The United States, which has imposed sanctions on Iran in an effort to halt its alleged pursuit of nuclear weapons, has been pushing other nations to join in ostracizing the Middle Eastern nation. As many as a dozen large European financial institutions, responding to U.S. pressure, have limited or severed ties with Iran and its banks. But as more mainstream banking channels are closed off to Iran, its businesses have turned to smaller,...
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