Economics
Mnuchin Warns Europe Not to Breach U.S. Sanctions on Iran
- Sanctions are obligatory for use of dollar system: Mnuchin
- European entity for Iran trade should be careful, he warns
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Treasury Secretary Steven Mnuchin made clear that participating in the U.S. financial system means abiding by its sanctions amid a European effort to sidestep American economic pressure on Iran to continue trade.
Germany, France and the U.K. created a financing vehicle known as Instex in January to allow companies to do some trade with Iran without the use of U.S. dollars or American banks -- thus allowing them to get around wide-ranging American sanctions that were imposed after the Trump administration abandoned the 2015 Iran nuclear deal last year.