Although the Trump administration has taken a surprise step to ease decades-old sanctions on Iran, allowing crude oil sales and dollar-denominated transactions, global banks are showing reluctance to engage in related deals.

This is due to widespread fear that if they rush into transactions based solely on the U.S. administration's temporary easing measures, they could face massive fines if the agreement is later scrapped.

Following a memorandum of understanding signed by President Trump and Iranian President Pezeshkian on June 17, the U.S. Department of the Treasury issued a general license exempting existing sanctions for 60 days.

This move has unlocked billions of dollars in frozen assets and opened the door for Iranian crude oil to be settled in U.S. dollars.

However, the financial sector remains cold to the idea.

The situation is compounded by renewed instability following recent U.S. military strikes on Iran, as well as the precedent set when France's BNP Paribas was hit with a staggering 8.9 billion dollar penalty—approximately 13.7 trillion Korean won—for violating sanctions against Iran in the past.

Financial institutions maintain that they cannot open their payment networks for a 60-day temporary permit without clear legal interpretation or guarantees of immunity.

Experts predicted, "While one-off transactions that can be completed within 60 days are possible, it will not be easy to find banks willing to handle the actual payments."

Adam Smith, a former advisor to the U.S. Treasury Department's Office of Foreign Assets Control, explained in an interview with Bloomberg, "Financial institutions need assurance that they are in full compliance with sanctions," adding, "Otherwise, banks and intermediaries may be reluctant to process the transactions."

Furthermore, the risk is heightened by the possibility that hardliners in the U.S. Congress, opposing the administration's unilateral lifting of sanctions, may pressure companies and banks involved in such deals.

Ultimately, the prevailing outlook is that despite President Trump's surprise lifting of sanctions, there will be few banks willing to step forward for actual transactions.

Reported by Lee Hyeon-yeong | Video by Seo Byeong-uk | Design by Yang Hye-min | Produced by SBS Digital News