France is looking to see if the European Union could compensate European companies that might face U.S. sanctions for doing business with Iran, French finance minister Bruno Le Maire said on Sunday.
Le Maire referred to EU rules dating back to 1996 which he said could allow the EU to intervene to protect European firms against any sanctions imposed by the United States, adding that France wanted the EU to toughen its stance in this area.
“Are we going to allow the United States to be the economic policeman of the world? The answer is no,” Le Maire told C News TV and Europe 1 radio on Sunday.
“Strengthening that 1996 rule ... would allow us to take charge ourselves of the cost of any potential sanctions paid by firms, which could therefore be paid for on their behalf by the European Union,” added Le Maire.
Le Maire said European companies looking to invest abroad, such as in Iran, could aim to get financing from within Europe, rather than via U.S. dollars or U.S banks.