EU finally stands up to US ‘bullying’ over Iran sanctions
Brussels sets up a ‘special purpose vehicle’ to bypass the US dollar and allow financial transactions with Tehran to continue
History may one day rule this was the fateful geopolitical moment when the European Union clinched its PhD on foreign policy.
Last week, EU foreign policy head Federica Mogherini and Iranian Foreign Minister Mohammad Javad Zarif, announced at the UN a “special purpose vehicle” (SPV) to deal with the Trump administration’s sanctions on Iran after the US unilaterally pulled out of the JCPOA, also known as the Iran nuclear deal.
The SPV, which according to Mogherini “is aimed at keeping trade with Tehran flowing while the US sanctions are in place,” could be in effect before the second stage of US sanctions begin in early November.
This single initiative means Brussels is attempting to position itself as a serious geopolitical player, openly defying the US and essentially nullifying the Iran demonization campaign launched by the White House, CIA and State Department.
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