European banks bow under US pressure to cut Iran ties

Four of Europe's biggest banks have been strong-armed by the US into cutting ties with Iran in what some western media are calling anti-nuclear sanctions through the "back door."

Pressured by threats of fines and loss of business, UBS and Credit Suisse of Switzerland, ABN Amro of the Netherlands and HSBC of the UK have all started to reduce their links with Iran, the New York Times reports.

Citing terrorist laws, top US officials have stepped up their efforts for banks in the M...