Three European powers are set to make good on a plan to help companies trade with Iran, defying President Donald Trump with a bid to bypass U.S. sanctions.
The entity, which could be presented as early as Monday, is key to the European Union’s effort to save a 2015 nuclear accord with Iran after Trump withdrew the U.S. Whatever the economic impact, the push by the U.K., France and Germany is another sign of European exasperation with the president.
A draft of an EU statement seen by Bloomberg welcomes the three-nation initiative as providing “a positive impact on trade and economic relations with Iran, but most importantly on the lives of Iranian people.” EU government envoys will discuss the statement in Brussels on Monday and may release it soon, if all 28 member countries agree, two diplomats said.
The initiative is designed to shield European companies keen to do business with Iran from U.S. sanctions that could result from dollar-based transactions.