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While you might not have heard of it the EU has actually been working very hard on the implemention of a parallel payment mechanism that will allow them to trad

While you might not have heard of it the EU has actually been working very hard on the implemention of a parallel payment mechanism that will allow them to trade with Iran despite US banking sanctions. https://www.wsj.com/articles/eu-ramps-up-trade-system-with-iran-despite-u-s-threats-11585661594 https://www.wsj.com/articles/eu-ramps-up-trade-system-with-i...

Udik 6y ago
Yes, I've heard of that. They closed 1 transaction with it, for a total, if I'm not mistaken, of a million dollars. It's a pathetic joke.
DiogenesKynikos 6y ago
"Working very hard" is really giving them too much credit. The parallel payment system, INSTEX, has done almost nothing to actually facilitate trade with Iran. The EU set up this system in order to say that they were doing something, but the practical consequences for trade have been approximately zero. That's why Iran decided to stop abiding by the terms of the nuclear agreement. European companies refuse to do business with Iran because of US sanctions, so the fact that the EU lifted its nuclear-related sanctions doesn't bring Iran any relief in reality.