• 15 hours "Shock And Awe" Gold Trading Sends Prices Tumbling
  • 2 days The Market Goes Mental Over Coronavirus Crisis
  • 3 days New Study Equates Luxury Cars With Low Self-Esteem
  • 3 days Rio Tinto To Spend $1 Billion To Reduce Its Carbon Footprint
  • 4 days The Ultra-Wealthy Lost $140 Billion In One Day
  • 4 days Three Energy Casualties In The Coronavirus Crisis
  • 5 days Markets Crumble As Coronavirus Panic Peaks
  • 5 days Cobalt May Be The Key To Clean Hydrogen Fuel
  • 7 days How Taxpayers Are Bankrolling The EV Revolution
  • 8 days The Coronavirus Is Crushing China’s Car Market
  • 9 days Fighting For Survival In The Streaming War
  • 10 days Want A Job? Forget About A Bachelor’s Degree
  • 10 days Another Major Car Maker Is Backing Hydrogen
  • 11 days Are Americans Finally Sold On Soccer?
  • 11 days Is The Tech Bubble About To Burst?
  • 12 days Coronavirus Could Cost Tourism Industry $80 Billion
  • 12 days What Web Traffic Trends Can Tell Us About The World
  • 12 days Miners Face Greater Headwinds
  • 13 days Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 14 days Goldman Slashes Oil Price Forecast By $10
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Markets
  3. Other

EU Weighs New Payment System With Iran To Skirt U.S. Sanctions

Euro

The European Union is looking favorably at a proposal by Germany’s Foreign Minister Heiko Maas to set a SWIFT-like payment system between the union and Iran as a way of avoiding U.S. sanctions, Sputnik reports, quoting a source from the EU.

“Various ideas [on the matter] are being voiced, and at present, one can say that it is an important contribution in terms of efforts to secure the Iran nuclear deal,” the source, who was not named, said. Whether or not Maas’ proposal will be discussed officially by EU officials remains to be seen.

Europe is among Iran’s top oil destinations and has demonstrated its eagerness to keep the nuclear deal and continue buying Iranian crude. Earlier this year, after President Trump pulled the United States out of the deal, the EU enacted a blocking mechanism from the 1990s that will effectively oblige European companies doing business in Iran to not comply with the U.S. sanctions. The EU also granted the European Investment Bank an external lending mandate to protect these European companies.

Despite these EU assurances that European companies could continue doing business as usual with Iran, European refiners began reducing their intake of Iranian oil pretty much as soon as Trump announced the U.S. pullout of the nuclear deal in May. At the time, Reuters quoted an Italian refiner as saying, “It is not clear yet what the U.S. administration can do but in practice we can get into trouble.”

Reuters also quoted sources from the industry as saying that all the large European refiners from Eni and Total to Repsol and Cepsa, were preparing to stop buying oil from Iran. Total later pulled out of the South Pars gas project in Iran. This means that the French company is at risk for punitive action from the EU, which makes the whole situation begin to look like the theater of the absurd.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment