France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of US sanctions, the head of state-owned investment bank Bpifrance said.
France and other European countries have been looking to increase trade with Iran since Paris, Washington and other world powers agreed in 2015 to lift many economic sanctions in exchange for controls on Iran’s nuclear program.
The plan is to offer dedicated, euro-denominated export guarantees to Iranian buyers of French goods and services. By structuring the financing through entities without any US link, whether to the currency or otherwise, the aim is to avoid the extraterritorial reach of US legislation, Reuters reported.
The move could anger US President Donald Trump, who has threatened to pull out of the Iran nuclear agreement reached by his predecessor Barack Obama.
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