Prospect Of Independent EU Payments System Raises Eyebrows

German and French authorities are planning to build a separate payments channel for companies who want to keep their funds safe from the long arm of US sanctions, but their ambitions for financial independence have been met with scepticism.

Heiko Maas, Germany’s foreign minister, reiterated on Monday that the EU was duty-bound to build a payments system which would allow it to continue its obligations to Iran under the nuclear agreement with which the US severed ties in May.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial