French President Emmanuel Macron gives a news conference at the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov
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French President Emmanuel Macron Thursday ruled out any trade war with the United States over its withdrawal from the Iranian nuclear deal as a wave of European companies quit business with Tehran, fearing the global reach of U.S. sanctions.However, corporations face the choice of trading with the biggest economy in the world, the U.S., or with Iran, risking sanctions and massive fines as well as losing access to the dominant U.S. financial system.Macron acknowledged the predicament of firms wanting to trade with Iran or invest there, especially multinationals with close business ties to the United States.For the blocking regulation to be used now, it would have to be updated to include U.S. nuclear-related sanctions against Iran.The EU is also ready to allow the European Investment Bank to help companies invest in Iran.
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