MOSCOW (Sputnik) – France should consider setting up a special bank for trade with Iran and Russia, as the suggested special-purpose vehicle (SPV) to bypass US sanctions is insufficient, Damien Lempereur, spokesman for the French right-wing Debout La France party told Sputnik.
“If this decision [to set up the SPV] is useful, it is largely insufficient to strengthen our exports [to] countries under sanctions. We propose to create a bank without connection or interaction with the United States to finance operations of French companies in Iran but also in all countries under sanctions, especially Russia,” Lempereur said.
The party spokesman noted that this bank would not be able to help the European companies doing business in the United States, but could still be of use to many businesses.
“This bank could be created with the French state support before joining other European states to found a European financial institution dedicated to our exports and our jobs,” Lempereur said.
The spokesman of the party noted that the decision to establish the SPV was a step “in the right direction,” which showed that “European countries understand the danger of the US law extraterritoriality against our economic interests.”
US National Security Advisor John Bolton, in response to the creation of the SPV, said on Tuesday that the United States would be monitoring the SPV, but that the European Union is strong on rhetoric and weak on follow through.
EU foreign policy chief Federica Mogherini announced on September 25 on the sidelines of the UN General Assembly that European signatories of the Joint Comprehensive Plan of Action (JCPOA) would establish the SPV to facilitate trade with Iran.
The United States announced its withdrawal from the JCPOA in May, which led to the reinstatement of the first round of its anti-Iranian sanctions in August.
In the wake of this move, parties to the Iranian nuclear deal — Russia, Germany, China, France, Iran, the United Kingdom and the European Union — have reaffirmed their commitment to the agreement.
Sourse: sputniknews.com
