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| Europe |
| French state-owned bank drops plan to aid trade with Iran |
| 2018-09-25 |
| [ARABNEWS] French state-owned bank Bpifrance has abandoned its plan to set up a mechanism to aid French companies trading with Iran, in the face of US sanctions against Tehran. Earlier this year, the bank had said it was working on a project to finance French companies that wished to export goods to Iran despite US sanctions. "It’s put on hold," said Nicolas Dufourcq, Bpifrance’s chief executive. "Conditions are not met (...) Sanctions are punitive for companies." Bpifrance was working on establishing euro-denominated export guarantees to Iranian buyers of French goods and services. By structuring the financing through vehicles without any US link, Bpifrance thought it was possible to avoid the extraterritorial reach of US legislation. Dufourcq’s latest comments show how the scope of the sanctions is making trade with Iran increasingly difficult for European companies. |
| Posted by:Fred |
| #1 Another French surrender, Emmanuel? |
| Posted by: Raj 2018-09-25 08:09 |