Bloomberg | Leonid Bershidsky: With more and more�European companies fleeing�Iran�following the re-imposition of U.S. sanctions, it may be tempting for�Americans to write off Europe�s efforts to save the Iran nuclear deal. It would be wiser to resist the temptation. A�new�plan by Germany, France, Britain, China and Russia to create�special financial infrastructure to work with Iran could be a credible challenge to�the U.S. dollar�s long global dominance.�

Federica Mogherini, the European Union�s top foreign-policy official, said in New York on Monday�that the plan to create a �special purpose vehicle� for trade with Iran��will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran, and this will allow European companies to continue trade with Iran.� The technical details are still to be worked out, but her wording provides some useful hints on�how the scheme will work.

 





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