European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman
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Germany, France and Britain are mulling setting up a new financial institution to allow EU trade with Iran to continue despite American sanctions renewed by U.S. President Donald Trump, German media reported Friday.Since then EU chiefs have been scrambling to find a way for their firms to continue trading with the Islamic republic.Banks that usually execute the payments in international deals fear themselves falling foul of American reprisals if they continue to enable business with Iran.
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