Iran to use European SMEs to circumvent US sanctions
Baku, Azerbaijan, August 12
Iranian Deputy Foreign Minister for Economic Affairs Gholam-Reza Ansari said the country plans to use small and medium-sized enterprises (SMEs) in Europe to circumvent the new sanctions imposed by Washington against Tehran.
“There are 23 million small and medium-sized enterprises in Europe that we can get help from to circumvent US sanctions,” Ansari said, ILNA news agency reported.
He added, “We need to use the European enterprises’ capacities in order to be able to meet our economic needs in tough times.”
“We are seeking to create a working group made up of experts in order to promote such enterprises in the country,” the official said.
The United States reimposed stiff economic sanctions on Iran on Monday, ratcheting up pressure on the Islamic Republic despite statements of deep dismay from European allies, three months after President Donald Trump pulled the US out of the 2015 nuclear deal between Tehran and world powers.
A first set of reimposed US sanctions affect financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
A second batch of US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November.
Trump warned that those who don't wind down their economic ties to Iran "risk severe consequences."