France, Germany and the UK are seeking to establish a payment
channel to bypass the new US sanctions against Iran in order to
enable trading between European and Iranian businesses in key
sectors, specifically oil industry.
According to Heiko Maas, German Foreign Minister, European
officials have to react and strengthen Europe's autonomy and
sovereignty in trade, economic and finance policy.
After Trump's decision to pull out US of the nuclear accord
with Iran, most of the European companies such as Daimler AG and
Total SA, are forced to stop trading with Iran despite their
willingness to do business with Iran, in order to avoid US
punishment.
Launching an alternative financing system will allow European
companies to do business with Iran without being affected by US
sanctions.
