European Governments Explore Financial Channels for Iran

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BRUSSELS-The French, British and German governments have told Iran they are exploring activating the accounts of the Iranian nuclear market, according to several European

The move is the first concrete sign that Europe could deliver on its promises to take over the Iranian nuclear deal, potentially frustrating the Trump administration's attempts to isolate Tehran economically.

The deal in May, Iran said it would stop complying with the nuclear deal unless it continues to receive the benefits of the 2015 agreement. That deals with the most important international sanctions on Tehran in the United States of America.

Officials involved in discussions about the option of central banks activating Iranian central bank accounts dormant for years- is one of several that European governments are actively exploring. The three European governments ugly to their plans to Iran during discussions in Vienna. (19659002) Other European governments, including Austria and Sweden, said they would consider doing likewise, the officials said.

However, they insisted that while they had discussions with central banks, they did not yet received buy-in.

Iran would also need to implement legislation to meet anti-money-laundering standards set by an international watchdog, the Financial Action Task Force, the officials said.

The Bank of England had no comment.

Last week, Washington rebuffed a formal European demand for the European Union the country's commercial links with foreign businesses.

US If they continue doing business in Iran U.S. sanctions sanctions fully snap back in November. U.S. sanctions apply to foreign companies Iranian Foreign Minister

Javad Zarif

Some sanctions are put in place before the first set of U.S. sanctions is reimposed on Aug. 6, a timetable French Foreign Minister

Jean-Yves Le Drian

called unrealistic.

However after the July 6 Vienna meeting, Mr. Zarif said he was encouraged by Iran to continue exporting oil.

" Moving forward in the direction of concrete steps for timely implementation of commitments, "Mr. Zarif said at the time on Twitter.

France, Germany, Britain, Russia and China-the countries that negotiated the 2015 nuclear deal alongside the US and Iran

On Monday, a foreign policy chief, "on the basis of a possible financial intermediary".

Federica Mogherini

(19659002) "

"I do not see this response to anything new to the work we're doing," she said in the US response. According to two officials, the hope is that by activating euro, sterling and other-denominated accounts for Iran's central bank in Europe, Iran could more easily become a global oil exporter. for its automotive industry, in Europe. Most of the major commercial banks have refused to open Iranian accounts, fearing that US sanctions would be reduced. Warranty. The U.S. could place sanctions on central bank governors and board members. It has already placed sanctions on Iran's central bank governor, designating him a terrorist for funneling money to Iran's Lebanese proxy Hezbollah.

Write to Laurence Norman at [email protected]

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European Governments Explore Financial Channels for Iran

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