The move is said to defy US President Donald Trump with a bid to bypass US sanctions. The entity is key to the European Unions effort to save a 2015 nuclear accord with Iran after Trump withdrew the US. Whatever the economic impact, the push by the UK, France and Germany is another sign of European exasperation with the president.
A draft of an EU statement seen by media houses welcomes the three-nation initiative as providing a positive impact on trade and economic relations with Iran, but most importantly on the lives of Iranian people. EU government envoys will discuss the statement in Brussels on Monday and may release it soon, if all 28 member countries agree, two diplomats said.
The initiative is designed to shield European companies keen to do business with Iran from U.S. sanctions that could result from dollar-based transactions. The Trump administration has deemed the channel an attempt to evade its maximum pressure campaign against Iran, while questioning whether it’ll work.