Sep 17, 2018, 6:43 PM
News Code: 83036509
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EU to Confront US sanctions via special financial company

Tehran, Sept 17, 1RNA- The European Union for preserving the Joint Comprehensive Plan of Action (JCPOA) with the agreement of Germany, France and the United Kingdom to is due set up a special-purpose financial company that by circumventing US sanctions and the routine international financial circles, it will ensure trade with Iran and Tehran's oil sales.

US withdrawal from the Group 5+1 2015 nuclear deal with Iran has been a major challenge for the European Union. The reason for this challenge is that the JCPOA was the most important foreign policy achievement that the EU member-states could achieve in a collective effort alongside the major powers of the Security Council. In fact, three European members (Germany, France and the United Kingdom) have been operating about 10 years ago to resolve Iran's nuclear activities.

Of course, Washington's sabotage in a few stages led to the strain of efforts until a deal was signed in 2015 with the direct involvement of the White House and after about two years of diplomatic marathon, which all the parties had relative satisfaction.

Now that America has withdrawn from the agreement, the step-by-step return of sanctions against Iran on the agenda of Washington makes Europe feel discredited. Donald Trump's out-of-court and non-diplomatic methods have made him unpopular in the international arena, and this makes space for positive action.

Now that the US has withdrawn from the agreement, the step-by-step return of sanctions against Iran on the agenda of Washington makes Europe feel discredited. The outsourced and non-diplomatic methods of Donald Trump have made him unpopular in the international arena, which has paved the way for Europe's positive action and the international community's attention.

The European Union has so far, at least in appearance, announced that it will work in spite of the withdrawal of America to safeguard the interests of Tehran. Hence, Brussels has put together a series of measures to counter the sanctions of the White House against Iran.

One of the first and most prominent measures that the European Union has promised to implement is to reopen blocking laws against Washington's secondary sanctions. Also, a process to maintain effective financial channels with Iran and continue to sell Iranian oil and gas is on the agenda.

The enforcement process of the blocking rule is underway. Accordingly, the European Council offsets the losses of European companies that have been damaged by the transgression of US sanctions by European court rulings on US sources in Europe.
EU officials are also trying to delegate part of their finance, banking, and credit affairs with Iran to European Investment Bank.

Analysts say the European scope is limited in the face of the US sanctions against Iran, but Brussels wants to show the White House that it will not retreat in the face of the US unilateral policies.

Politico journal in a report stating that Europe is seeking to neutralize US sanctions against Iran added, 'Europe's major economic powers decide with establishing this company with special purpose to help Iran to continue to sell oil to the European Union. '

According to the report, the European Union's action is antagonizing Trump. He unilaterally withdrew from agreement a few months ago, but other signatories agreed to continue to support their implementation.

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