Midweek Roundup: JPMorgan Drops Vatican Account, 11 Nations Scale Back Ties to Iran’s Oil Sector, and More

Japan and 10 European nations are among an "initial group" of countries whose banks have avoided losing access to the U.S. financial system by "significantly" reducing their purchases of Iranian petroleum products under legislation enacted in December, Secretary of State Hillary Clinton announced Wednesday. The bill may compel the White House to apply the sanctions to China, South Korea, Turkey and other countries if they don't reduce their Iranian oil purchases by the end of June, Bloomberg reported. More JPMorgan Chase closed an account held for the Vatican because of concerns that the papal institution wasn't willing to comply with...