BRUSSELS - The United States is succeeding in its drive to choke off export credits to Iran from European governments or investments by European companies, the senior US official behind the policy says. “On export credits, the trend line in Europe has been very much in the direction of reducing credit exposure to Iran and reducing it largely because of the illicit conduct in which Iran is engaging,” Deputy Treasury Secretary Robert Kimmitt said.He told Reuters in an interview at a Brussels Forum on transatlantic cooperation that European Union leaders and firms were becoming more aware of “country risk” associated with Iran because of its nuclear and missile programmes and behaviour. “If you take look at the statistics, how many fewer export credit applications are being approved in Italy, in Germany, in France, elsewhere in the EU, I think it’s pretty clear what the direction is for Europe,” Kimmitt said.
European officials say Kimmitt has spearheaded a crackdown on credit and access to the international financial system for Iran that goes far beyond the relatively modest sanctions adopted by the U.N. Security Council so far. “The Americans are applying strong pressure to dry up European trade credits and investment despite the fact that neither the United Nations nor the European Union has adopted such sanctions,” an EU official said. “Whatever you think of it, the numbers show it’s working,” he said.
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Since the United States’ own trade with Iran is negligible after a 27-year embargo that followed the 1979 hostage-taking at the occupied US embassy, US officials say European economic relations with Teheran are a key lever. Kimmitt said the Europeans need to go further, and he cast a broad suspicion on most credit-backed trade with Iran. “Europe needs to look very carefully at any credit application to make sure that Iranian counterparties are not in any way involved in proliferation activities,” he said.