Export finance won't save Iran business, says French official
Euro-denominated financing set up by European countries to trade with Iran will not be enough to sustain economic ties with Tehran in the face of US sanctions, an adviser to the French president said. France, Italy and Germany are among countries that had set up export mechanisms designed to avoid dollar transactions and thereby withstand an anticipated renewal of US sanctions. But France's scheme, administered by the bpifrance sovereign fund, was recently put on hold. Following Washington's withdrawal from the Iran nuclear agreement last week, Europe needs a "more global approach to reinforce our legal arsenal" and defend companies doing business with countries under unilateral US sanctions, the official said.
