European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman
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The European Investment Bank has balked at an EU proposal to do business in Iran to help offset U.S. sanctions and save the 2015 nuclear deal, EU sources told Reuters, under pressure from the United States – where the bank raises much of its funds.European Commissioners are expected Wednesday to endorse the EU executive's plan to encourage the EIB to support investments by European businesses in Iran, where the bank has never before done business.A total of six EU diplomats, EU officials and sources at the bank said that within the EIB there are growing concerns that the Commission's plan would imperil its multibillion-dollar funding program.The bank fears that the threat of U.S. sanctions over Iran could scare off bond buyers.The bank declined to comment on the Commission's plan.In back channels, Washington has also been lobbying the bank to object to the Commission's plan, two EU sources said.
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