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France will fund exports to Iran
Later in 2018 France is going to start providing credits to purchasers of French products in Iran. The given move is expected to spur trade, simultaneously keeping it hidden from strict American sanctions. That’s what the head of state-owned investment financial institution Bpifrance revealed in an interview.
France along with other EU states have been searching for ways to drastically spur trade with this Middle-East country since in 2015 the United States and France as well as and other major countries agreed to lift most economic clampdown in exchange for a possibility of controlling nuclear program of this country.
The very essence of the initiative is to offer solid export guarantees to Iranian purchasers of French exports, while dodging the sticky reach of American legislation at the same time
Evidently, the given move could irritate the US President. The current US President has already hinted at pulling out of the Iran nuclear pact, which was reached by Barack Obama, Trump’s predecessor. The USA has imposed a number of financial limitations, leaving private financial institutions, even those businesses based outside America concerned over financing nuances.
France, boasting close business contacts with Iran before the Islamic revolution in 1979 and even still running several factories in this Middle East country, including PSA, Renault facilities, isn’t not alone in the EU trying to improve trade relationships with Iran.
Germany, Austria, Italy as well as Belgium were also considering effective solutions, which would protect their businesses from the risk of American sanctions. However, it’s still unclear how coordinated those efforts are.
Earlier in January, Iran and Italy worked out a framework credit pact to finance investments in this Middle East country worth 5 billion euros.
Additionally, French financial institutions have been heavily penalized by American financial regulators for their deeds with Iran before.
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