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France and Germany Step In to Circumvent Iran Sanctions
(Wall Street Journal) Laurence Norman - France and Germany have joined forces to rescue a European effort to create a payments channel to keep trade flowing with Iran, defying the U.S., senior diplomats said. France or Germany will host the corporation that would handle the payments channel and both countries will help fund the corporation. Richard Grenell, U.S. Ambassador to Germany, said that European efforts to work around the sanctions "would not be a smart move" and that "the U.S. will consider sanctions on those entities participating in these tactics." European officials say that because of the sanctions threat, only a fraction of pre-U.S. sanctions European trade with Iran will likely be safeguarded.