By Micah Halpern
I've Been Thinking:
We knew it was happening - now France has made it official.
France has put into place a system to circumvent US sanctions against Iran.
The basic principle is simple. France is creating a non dollar base trade exchange with Iran. This trade with Iran is totally outside the realm of US regulators.
The US system is based on dollars that move through world markets. So if the French/EU system is independent of dollars - then it will be free of the heavy US restrictions.
This new system was announced by the French Foreign Minister Jean-Yves Le Drian on Wednesday and it is totally backed by the Europeans.
Le Drian said that it "should be implemented in the coming days."
This end around US sanctions could have huge implications for US sanctions.
It could be the template for many others to follow and a way to avoid the wrath of the United States by those who insist on dealing with Iran.
Micah@MicahHalpern.com
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