• EU-OFAC: A New Mechanism to Help Salvage the Iran Deal

    The US decision to withdraw unilaterally from the Iran nuclear deal and pursue a “maximum pressure” campaign against Tehran is pushing Europe to find creative new ways to preserve economic relations with Iran and thus salvage the agreement.

    One idea, floated by the French Economy Minister Bruno Le Maire, is the establishment of a European version of the US Treasury’s Office of Foreign Assets Control (OFAC). This EU-OFAC, Le Maire has said, would be “capable of following the activities of foreign companies and checking if they are respecting European decisions.”

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