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European Investment Bank Balks at EU Plan to Work in Iran
(Reuters) Alissa de Carbonnel and Robin Emmott - The European Investment Bank, the EU's lending arm, has balked at an EU proposal to do business in Iran to help offset U.S. sanctions and save the nuclear deal. European Commissioners are expected on Wednesday to endorse encouraging the EIB to support investments in Iran in response to Iran's demands that they show proof of their commitment to the nuclear deal. "The bank is unhappy with the Commission proposal because the bank raises funds on U.S. markets," said one EU diplomat. Former Obama administration official Richard Nephew said, "Europe and the U.S. are so integrated that it is implausible that the Europeans will be able to use current institutions to engage in transactions with Iran."