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EU Block on U.S. Sanctions on Iran Would Be of Limited Use for EU Banks

(Reuters) Huw Jones - Using EU powers to ban EU banks from complying with U.S. sanctions on Iran would be of "limited" use, given the global reach of finance, EU financial services chief Valdis Dombrovskis said Thursday. The EU wants to salvage the Iran nuclear deal and is weighing reactivation of a 1996 law that bans any EU company from complying with U.S. sanctions and does not recognize any court rulings that enforce American penalties. "Indeed, the EU blocking regulation could be of limited effectiveness there, given the international nature of the banking system and especially the exposure of large systemic banks to the U.S. financial system and U.S. dollar transactions," Dombrovskis told the European Parliament.
2018-05-18 00:00:00
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