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EU Plan to Enable Non-Dollar Iran Trade, Oil Sales Unraveling
(Reuters) John Irish - A special EU initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment. Austria has declined a request to play host for the Special Purpose Vehicle (SPV). Belgium and Luxembourg are two other possibilities, but both have expressed strong reservations, diplomats said. Their reluctance arises from fears that SPV reliance on local banks to smooth trade with Iran may incur U.S. penalties, severing the lenders' access to U.S. markets. The Trump administration reaffirmed on Tuesday it would not hesitate to target Europeans for sanctions-breaking. "I like to compare the attitudes that are changing in Europe to a book written years ago in the U.S. called The Six Stages of Grief, National Security Adviser John Bolton said. "It starts off with denial. Then it ends up at acceptance."