… by Russia Today, Moscow

[ Editor’s Note: The EU just can’t get its act together. It tells Iran it plans to stand by the JCPOA and then goes deer in the headlights when the rubber meets the road. One EU country has to physically host the Special Purpose Vehicle, SPV, facility.

Sure it would be a target of US sanctions, but the EU obviously must have understood that it will have to retaliate if the US does so. And if it does not, then it is an open acceptance of being a vassal state.

Why have the Europeans strung Iran along all this time just to go chicken at the last minute? Its bark will not be worth two cents if they can’t get over the hump on standing up to US sanctions with some counter sanctions just as damaging, like seizing US government property as damages against illegal sanctions, etc.



This stalling with, “we stand by the agreement” is wearing thin. It is time for the EU to put up or shut up. If the Sanctionistas trounce the EU, that would just embolden them more. Better to bit the bullet now than a bigger one later … Jim W. Dean ]

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– First published … November 16, 2018 –

Plans by Brussels to create a special payment channel to continue doing business with Iran and bypass US economic sanctions against the country, are now in tatters, as no EU country has agreed to support the idea.
–

All the members of the 28-nation bloc are reportedly scared by the punitive measures that Washington may potentially introduce against them for such an act of disobedience.

Earlier, EU officials proposed creating a clearing house, or a special purpose vehicle (SPV), to eliminate the bloc’s dependence on the US and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) which currently provides high-value cross-border transfers for members across the world.

Read more

©Europe working on payment system alternative to SWIFT & IMF to attain financial independence from US

The decision was prompted by US sanctions imposed on Iran and anyone doing business with the country.

“No one has come forward at this stage. If we don’t have a host country, we have a very big problem. So much is riding on this that some way will need [to be found] for someone to host this. There is a lot of nervousness about what hosting an SPV means,” an EU diplomat told Reuters.

So far, France and Germany have ruled themselves out as SPV hosts. At the same time, the EU major powers are reportedly planning to put more pressure on Luxembourg and Belgium to host the headquarters for the SPV after Austria declined a request to manage the project. Both Belgium and Luxembourg have reportedly dropped a hint of doubt over the issue.

“Austria has indeed refused. It’s not dead, but it’s not going in the right direction. We are going to try again with Luxembourg, but we’re under no illusions,” another diplomat told the agency.

Earlier this week, European Justice Commissioner Vera Jourova pledged to find an effective solution, saying that technical work on creating the mechanism to allow EU trade with Iran continued.

“We Europeans cannot accept that a foreign power, not even our closest friend and ally, takes decisions over our legitimate trade with another country,” she told the European Parliament in Strasbourg, stressing that the bloc would not be cowed by probable US penalties.

 

RT

✔@RT_com

Washington cannot dictate who Europeans should and shouldn’t trade with – Belgian PM https://on.rt.com/9f3b 

81

Washington cannot dictate who Europeans should and shouldn’t trade with – Belgian PM — RT Business…

The United States has no right to tell European companies who they can trade and develop economic relations with, according to the Belgian Prime Minister Charles Michel.

rt.com

Shortly after President Donald Trump pulled the US out of the Iran nuclear deal, signed between Tehran and major world powers, leaders of European states activated legislation banning the bloc’s companies from complying with US sanctions against the Islamic Republic.
–

However, the measure failed to prevent European business giants, including Total, Volkswagen, Daimler, Peugeot, Renault and Siemens from withdrawing from the country. European multinationals are much more concerned about losing the US market than the possible fines they could face from Brussels for leaving Iran.

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6 COMMENTS

  1. Yes my thoughts exactly. Choosing a EU nation that is critical to the USA would make it difficult for the USA to sanction it. Both those countries are perfect candidates. Now who has the proverbial to propose such an idea? Show of hands please.

  2. Trump has more support in EU than in US. Build the wall is simple rhetoric, but it Works in practice too. Hungary did that and their economy is not doing that bad although sanctions by EU. Italy is up on the same thing and sanctions coming of course, the reason was named as their budget. Estonia tried that before, but Germany said, that Nato won’t be helping You in case Russia invaded, unless You take more fake refugees.

    EU’s been lying and blackmailing to her citizens for too long, like CO2 makes You sick, but open border immigration will heal You. Just heard, that latvian workers had been paid 3 dollar per hour in Finland, but those Government jokes ask for even cheaper labor. It’s the buying power of customers they like to collapse. Real estate and land prices will follow and the owner will be one Company Communism. I thought EU’s idea was to increase wellbeing along the whole Europe, but I think I was dead wrong.

    Theresa May mentioned Poland immigrants the problem. Understandable, they are educated and speak English, reasonable destination is Britain. But May failed to mention of those who don’t speak English and are not Catholics, but understand their Imams call for invading Streets of London, unless Prime Minister makes right decisions.

  4. There are no wars in the Western Hemisphere. Peru is not attacking Argentina. Mexico is not attacking Canada. Bolivia is not attacking Cuba. Neither is there any real war in the African or Asian space.

    There is however constant war in Europe. And we need to get serious about “The Red Lion District”.
    Our lives should not be part of their trade deals. It is time to come home. War is totally unnecessary.

  6. IsraelLover Trump is in the catbird seat. First he reneges on an international contract with zero penalties to the U.S. Then to add insult to injury he is now dictatorially imposing sanctions on any country who seeks to by pass the U.S. bank clearing system. He is defacto dictator of the planet no?
    Who granted Trump the title of Dictator of the World? They must be very very stupid. One can be sure all these machinations are being directed from Israel. Both sides of this meaningless contract should have put up $1 trillion deposit to guarantee good faith in performance of the contract. All of this could have been predicted in advance. This contract was not worth the paper it was printed on.

Comments are closed.