FRANCE AND GERMANY STEP IN TO CIRCUMVENT IRAN SANCTIONS

The Wall Street Journal on 27th November reported that France and Germany have joined forces to rescue a EU effort to create a payments channel to keep trade flowing with Iran, defying U.S. attempts to take the air out of the plan, senior diplomats have said.  It is part of a campaign to salvage the 2015 JCPOA nuclear deal after President Trump withdrew the US in May.  Their goal is to help European companies continue some business activity with Iran despite sweeping US sanctions on the country and any company that does business with it.  The special-purpose vehicle (SPV), would use a system of credits to facilitate compensation for goods traded between Iran and Europe — allowing some trade to proceed without the involvement of European commercial – and France or Germany will host the corporation, would help fund the corporation, and own it (in the hope of thus discouraging US sanctions action).

https://www.wsj.com/articles/france-and-germany-step-in-to-circumvent-iran-sanctions-1543251650?mod=searchresults&page=1&pos=2

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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