A European Union official's threat this month that Europe would block any attempt by the United States to reimpose sanctions on Iran showed a new level of desperation to deter President Donald Trump from leaving the Iran nuclear deal in May. But with their access to the U.S. financial system hanging in the balance, European banks know that, in the end, the EU must satisfy Trump's demands to fix the deal or be prepared to fully comply when U.S. sanctions return.
The latest salvo from Denis Chaibi, the head of the Iranian task force at the European External Action Service, echoed previous threats from David O'Sullivan, the EU ambassador to the United States, that if America tried to reimpose its secondary sanctions on Iran, the EU would revive 1990s-era blocking regulations ordering European businesses not to comply.
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