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Three Mex­i­can fi­nan­cial in­sti­tu­tions sanc­tioned by the Trump ad­min­is­tra­tion last week have felt a cas­cade of eco­nom­ic con­se­quences fol­low­ing the al­le­ga­tions that they helped laun­der mil­lions of dol­lars for drug car­tels.

The U.S. Trea­sury De­part­ment an­nounced that it was block­ing trans­ac­tions be­tween U.S. banks and Mex­i­can branch­es of CIBan­co and In­ter­cam Ban­co, as well as the bro­ker­ing firm Vec­tor Casa de Bol­sa. All three have fierce­ly re­ject­ed the claims.

Mex­i­co’s Pres­i­dent Clau­dia Shein­baum ac­cused U.S. of­fi­cials of pro­vid­ing no ev­i­dence to back their al­le­ga­tions, though the sanc­tions an­nounce­ment made spe­cif­ic ac­cu­sa­tions on how mon­ey was trans­ferred through the com­pa­nies. It de­tailed how “mules” moved mon­ey through ac­counts in the U.S., as well as trans­ac­tions car­ried out with Chi­nese com­pa­nies that U.S. of­fi­cials said pro­vid­ed ma­te­ri­als to pro­duce fen­tanyl.