France is looking to see if the European Union could compensate European companies that might be facing sanctions from the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday, reports FRANCE 24.
Le Maire referred to EU rules going back to 1996 that he said could allow the EU to intervene in this manner to protect European companies against any US sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalise foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.
European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 2015 nuclear deal with Iran.