When President Trump announced last month that America would leave the global nuclear deal with Iran and reimpose U.S. sanctions, Europe’s leaders vowed to create financial mechanisms that would enable their firms to do business with Tehran and protect them from U.S. financial retaliation.
On the eve of Trump’s May 8 decision, for instance, senior diplomats from the European Union, Britain, France, and Germany met with Iran’s deputy foreign minister in Brussels, pledging to find ways to continue delivering economic benefits to Iran in hopes of keeping as much of the nuclear deal in place as possible.
When Trump formally announced his decision, European officials reacted angrily, with French Finance Minister Bruno Le Marie declaring that it was “not acceptable” for the United States to play “economic policeman of the planet.” Since then, Tehran has pressed Europe’s leaders to take such steps as preventing its firms from complying with the sanctions and finding creative ways to finance deals with Iran.