Bankrupt Italian banks to help Iran overcome sanctions
By Trend
The head of Iran-Italy Chamber of Commerce said Italy has agreed to revive a number of its bankrupt banks with euro so that they could trade with Iran.
Noting that there are many banks in Italy, which are not dependent on the US dollar, he said, "The banks will do their transactions with Iran in euro".
Pourfallah said the government should switch its focus on small and medium-sized enterprises (SMEs) in Italy instead of major enterprises in order to be able to manage the situation under sanctions.
On August 6, the United States reimposed stiff economic sanctions on Iran, ratcheting up pressure on the Islamic Republic despite statements of deep dismay from European allies, three months after President Donald Trump pulled the US out of the 2015 nuclear deal between Tehran and world powers.
A first set of reimposed US sanctions affect financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
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