Citing a letter written by Sigal Mandelker, the Treasury Department’s undersecretary for terrorism and financial intelligence, Bloomberg News reported that the Trump administration would bar Instex, a European organisation formed to bypass the U.S. sanctions to continue to trade with Iran, from the U.S. financial system if it were to go into effect.
“The Trump administration escalated its battle with European allies over the fate of the Iran nuclear accord, threatening penalties against the financial body created by Germany, the U.K. and France to shield trade with the Islamic Republic from U.S. sanctions,” Bloomberg News wrote.
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