EU financial chiefs discuss doing business with Iran

 IRNA- Some senior financial executives from Europe have reportedly met in on the sidelines of the annual meeting of the International Monetary Fund (IMF) and World Bank in Bali, Indonesia, to discuss the effect of US sanctions on doing business with Iran, news sources report.

Without mentioning the names of the EU countries which have partaken in the meeting, the New York-based media, Bloomberg, wrote on Friday, a number of EU finance ministers, including French Finance Minister, have not attended the annual event.

The news website reported France seeks further clarification on the impact of the sanctions on ‘the European payment settlement system Swift and commercial banks in Iran.’

France, Germany and Britain are working with EU officials on finding financial tools to send the message that they aim to keep their business channels open in Iran.

‘Attempts led by France and Germany to continue doing business with Iran- a key component of Europe’s bid to stand by the landmark 2015 nuclear agreement- are running aground on US threats to blacklist companies and banks that defy its sanctions,’ Bloomberg wrote, referring to the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

According to Bloomberg, finance chiefs from France, Spain, the Netherlands, Belgium, Ireland and Portugal have held meetings in their countries to review domestic politics in this regard.

Given the US anti-Iran sanctions which will take full effect on November, the European Union seeks to find a way to protect economic interests in Iran, yet the details of the mechanism remains to be unknown.

The annual meeting of the IMF and World Bank Group is held in Nusa Dua, Bali, Indonesia on October 12-14, with Christine Lagarde, the managing director of the IMF, World Bank representatives, Central Bank Governors and Ministers of Finance from 189 countries attending it.