The EU wants to avoid US sanctions against Iran

The EU wants to avoid US sanctions against Iran

Minister of Finance Olaf Scholz (SPD) and his British and French counterparts are working on a way in which EU companies can circumvent US sanctions against Iran. According to SPIEGEL information, they want to set up a financial institution at the beginning of November, the sole purpose of which is to process payments for transactions with Tehran – bypassing the usual financing channels.

The new institute must not be a bank but must have the legal form of a so-called special purpose vehicle. This has the advantage that it does not have to be equipped with capital. Public funds are not necessary. The idea is a French initiative.

The new facility is open to companies from all EU member states. The establishment of the special entity is understood by the three ministers as an act of European sovereignty.

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