Iran Tells EU: Send Money to Defeat U.S. Trade Sanctions

Iranian Foreign Minister Mohammad Javad Zarif (R) and EU foreign policy chief Federica Mogherini pose for a picture ahead of a joint news conference in the capital Tehran on July 28, 2015. Mogherini is in Tehran for talks on implementing this month's historic nuclear deal between Iran and the major …

Iran told the European Union (EU) that a system of payments should be arranged to ensure business transactions with the Islamic Republic continue once U.S. sanctions fully kick in.

An Iran economy ministry spokeswoman said on Friday that new financial arrangements are essential between the trading partners.

“As you know, it is a central goal of the EU and the German government to ensure that the processing of transactions is secured,” the spokeswoman said during a regular government news conference. “All options are being considered.”

The latest plea for a special deal follows Germany, France, and Britain joining the EU in June seeking a way around the U.S. sanctions.

French Economy Minister Bruno Le Maire said the three countries and the EU were asking for ways “to exempt European businesses doing legitimate trade in Iran from all extraterritorial American sanctions.”

“We ask the American authorities, in a letter signed with Germany, the UK and EU to exempt European businesses doing legitimate trade in Iran from all extraterritorial American sanctions. Those businesses must be able to pursue their activities,” he wrote by way of preamble on Twitter.

President Donald Trump signed an executive order in August reimposing a series of economic sanctions on Iran that were dropped by Barack Obama.

Trump said the Iran nuclear deal gave Iran the economic resources necessary to both continue funding terrorism around the world and searching for a path for a nuclear weapon.

“The JCPOA, a horrible, one-sided deal, failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb, and it threw a lifeline of cash to a murderous dictatorship that has continued to spread bloodshed, violence, and chaos,” he wrote.

The reimposed sanctions will hit Iran’s gold and precious metals trade and its automotive industry. The initial measures began on August 7, 2018. Other sanctions on the country’s oil industry are expected to resume on November 5, 2018.

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