Members of the European Union are setting up an economic system which will allow oil companies and businesses to trade with Iran as a direct way to evade U.S. sanctions on Iran that were recently stiffened.
The European countries stated that they were determined “to protect the freedom of their economic operators to pursue legitimate business with Iran. As the U.S. has said that any banks with branches here that violate our sanction against Iran will be investigated a prosecuted for assisting the Government of Iran. In addition, individuals with information about transactions between banks with branches in the US doing business with Iran, could be held liable under whistleblower laws including the False Claims Act. The United States dollar-dominated so much of global trade and members of the EU said the new system will “facilitate payments related to Iran’s exports [including oil] and imports, which will assist and reassure economic operators pursuing legitimate business with Iran.”
EU foreign policy chief Federica Mogherini, speaking at the United Nations alongside Iranian Foreign Minister Mohammad Javad Zarif, said the countries were still working out the technical details .“In practical terms, this will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world,” she told reporters. She said that the remaining members of the so-called Joint Comprehensive Plan of Action – Britain, China, France, Germany and Russia – would also maintain their commitments to support Iran on civilian nuclear energy.“The participants recalled that these initiatives are aimed at preserving the JCPOA, which is in the international interest,” she said.
Additionally, number of business including French energy giant Total and carmakers Peugeot and Renault as well as Germany’s Siemens and Daimler have already suspended operations in Iran for fear of triggering US sanctions.
If you are aware of any banks with branches in the U.S. or major business with offices here who are doing business with Iran that could violate U.S. sanctions contact Attorney Newman.