16 Nov 2018
A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment, EU diplomats said.
The main European powers – Germany, France and Britain – will raise pressure on Luxembourg to host the so-called Special Purpose Vehicle (SPV) after Austria refused to manage the plan, threatening its viability.
The EU’s executive promised EU lawmakers on Wednesday to find a solution and said that technical work continued, adding that the bloc would not be cowed by U.S. sanctions.
“We Europeans cannot accept that a foreign power, not even our closest friend and ally, takes decisions over our legitimate trade with another country,” European Justice Commissioner Vera Jourova told the European Parliament in Strasbourg, referring to the United States.
– By John Irish, Francois Murphy, Robin Emmott, Reuters, 14 November 2018.
Link to Reuters.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet