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European shipping companies will now be able to deal with Iran after all

Germany, France and UK have agreed on a payment mechanism that will enable European shipping and oil companies to do business with Iran. The question is whether it will make a difference.

Photo: Ritzau Scanpix/Morteza Nikoubazl

Major European nations Germany, France and United Kingdom have presented the payment mechanism that they hope will help break the US embargo on Iran which came into force on Nov. 4, according to a press release from the German Ministry of Foreign Affairs.

Unlike the US, and more specifically US President Donald Trump, the EU wants to maintain the nuclear accord from 2015 which made it possible to once again trade with Iran. But the embargo has now been de-facto reintroduced, as virtually no companies want to go against the US. Shipping companies such as Norden, Torm and Maersk Tankers have therefore halted their dealings with the country.

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