France to finance exports to Iran, aims to sidestep U.S. sanctions

By Matthieu Protard and Mathieu Rosemain PARIS (Reuters) - France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of U.S. sanctions, the head of state-owned investment bank Bpifrance said. France and other European countries have been looking to increase trade with Iran since Paris, Washington and other world powers agreed in 2015 to lift many economic sanctions in exchange for controls on Iran's nuclear program. By structuring the financing through vehicles without any U.S. link, whether to the currency or otherwise, the aim is to avoid the extraterritorial reach of U.S. legislation.

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