Iranian Foreign Minister Javad Zarif attends the Extraordinary summit of the Organization of Islamic Cooperation (OIC) in Istanbul, Turkey, Friday, May 18, 2018. (Anadolu Agency/Pool via AP)
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The European Commission is proposing that EU governments make direct money transfers to Iran's central bank to avoid U.S. penalties, an EU official said, in what would be the most forthright challenge to Washington's newly reimposed sanctions.The step, which would seek to bypass the U.S. financial system, would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe, a senior EU official said, although the details were still to be worked out.The EU official said the bloc believes that does not sanction the central bank itself.The EU's blocking statute bans any EU company from complying with U.S. sanctions and does not recognize any court rulings that enforce American penalties.A second EU official said the EU sanctions-blocking regulation would come into force on Aug.5, a day before U.S. sanctions take effect, unless the European Parliament and EU governments formally rejected it.
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