In the transatlantic relationship, it could soon be a new Trouble. Germany, France and the UK want to work together to circumvent the U.S. sanctions against Iran. A so-called purpose of society is to allow European companies to continue to do business with Tehran, without the need to fear, therefore, consequences in the United States. The company, which is to have its seat, apparently, in France, is founded in these days.
US President, Donald Trump had announced in may last year, the exit of his country from the nuclear deal with Iran. In contrast, the other Participants, i.e., the three EU States and Russia and China want to hold to the agreement. The Americans continued after their withdrawal from the agreement, but also “extra-territorial sanctions” is back in force. These are aimed at companies outside the U.S. that continue to do business with Iran.
European companies with high fines
For German companies threaten in the USA, it is not just a question of whether you can be on the American market. Theoretically, high fines, or even criminal, investigations that threaten them in the United States. In a sensational method, the French Bank BNP Paribas, 2015 in New York was sentenced to pay 8,9 billion dollars, because they want US to have sanctions against Iran, Cuba and Sudan to be broken.
The purpose of society, which is now established, is now to claims of Iranian and European companies, offset against each other. So, for example, revenue from Oil sales could be credited in euros, which would enable the country to buy Goods for European companies. The US authorities could not sanction the involved European companies, because the transactions would only be processed through this channel, and in order to outsiders, not transparent would be the main consideration. However, should large-scale orders from European companies in Iran hardly keep it a secret.
importance goes beyond the specific case of Iran
But the significance of the new society stretches far beyond the concrete implementation of the European trade with Iran – in addition to finally, the three EU States establish a the US Dollar independent of the payment system. Currently, the largest portion of global trade is invoiced transactions in Dollar. EU Commission chief Jean-Claude Juncker said already last year to strengthen the international role of the Euro. In his speech on the situation of the European Union, he criticized that Europe will pay 80 percent of energy imports in dollars, and asked, indirectly, to reduce the dependence of the United States in this area: “The Euro must be the face and the Instrument of a new, souveräneren of Europe,” Juncker said at the time.
foreign Minister Heiko Maas had called for last year “from the United States, independent payment channels”. In addition, the SPD politician for a European monetary Fund, as well as a “independent of the Swift System of language”. The organization Swift transactions between banks across countries borders. German Chancellor Angela Merkel said a little later, the breach giving the personal opinion of your Minister for foreign Affairs.
Russia and China have been looking for Alternatives to the Dollar
But with the purpose of society is to make the Federal government and their European partners are now the first step in the Maas and Juncker described the direction of. At the same time, there are in Berlin, apparently the first to consider whether Gas supplies from Russia, could in the future be denominated in dollars, but in euros.
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dispute over nuclear deal to punish The Iran – next round
Christian Böhme, Thomas Seibert
A large interest in finding Alternatives to the Dollar as the world trading currency, Russia and China. Both countries supported in the past year, in a joint statement with Germany, France and the UK expressly the Initiative to seek to circumvent the American of the Iran sanctions to other payment channels.
