US lawmakers in the quest to stop Iran from using euros

WASHINGTON: In what appears to be a move to stop Iran using euros to develop its nuclear program, US legislators are crafting a bill aimed at to prevent the European Central Bank (ECB) from doing any business with Iranian government, a congressional aide said on Thursday on condition of anonymity.

Anyone who uses the Europe’s Central Bank for a business with Tehran, would certainly suffer economic penalties imposed by the proposed legislation as it is believed to target the ECB’s cross-border payment system, the source said.

Although ECB already complies with European Union (EU) sanctions against Iran, the proposed law would push the EU to do more to prevent Iranian companies and banks from using its system to conduct transactions involving euros.

However, the future of the bill is still uncertain and it remains unclear if it would gather support in the US Congress or from the Presidential administration to enact another set of economic sanctions.

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