J.P. Morgan, Citibank won't commit to cutting Iran access to markets, report says | WHAT REALLY HAPPENED


J.P. Morgan, Citibank won't commit to cutting Iran access to markets, report says

J.P. Morgan and Citibank, two top American financial institutions, will not commit to cutting Iranian access to international markets, which will add fuel to concerns among US officials about efforts by European states and Tehran's regional allies to mitigate the impact of new US sanctions ahead of a November 4 implementation deadline, a report says.

The Washington Free Beacon reported on Friday that the two institutions, which sit on the board of the Society for the Worldwide Interbank Financial Telecommunication (SWIFT), which facilitates international banking transactions, were opposed to disconnecting Iran from the network.

The American conservative political journalism website, however, said the two banks declined Free Beacon inquiries into whether they intended to disconnect Iran from the network and comply with the sanctions.

According to the report, both banks could play a pivotal role in ensuring that SWIFT and its members comply with the new sanctions, which target Iran's Central Bank and critical infrastructure networks.

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