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EU looking to sidestep U.S. sanctions with payment system plan
By William Horobin and Birgit Jennen
Monday, August 27, 2018
Germany and France said they're working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks.
The discussions, which also involve the U.K., are a signal that European powers are trying to get serious about demonstrating greater independence from the U.S. as President Donald Trump pursues his "America First" agenda.
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"With Germany, we are determined to work on an independent European or Franco-German financing tool that would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions," French Finance Minister Bruno Le Maire said today during a meeting with press association AJEF. "I want Europe to be a sovereign continent, not a vassal, and that means having totally independent financing instruments that do not today exist." ...
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