Aug 27, 2018 - World

EU floats independent payments system to avoid U.S. sanctions on Iran

Germany, EU, and France flags in between podiums

French Minister of the Economy Bruno Le Maire (L) and the German Federal Minister of Finance Olaf Scholz (R). Photo: Thierry Monasse/Corbis via Getty Images

French finance minister Bruno Le Maire said Monday that France and Germany are determined to work on an independent payments system that would allow the EU to circumvent U.S. sanctions on Iran, backing a proposal made last week by German foreign minister Heiko Maas, reports Bloomberg.

The big picture: The EU's commitment to maintaining economic ties with Iran, among other things, is fueling calls for greater independence from the U.S. Earlier Monday, French President Emmanuel Macron announced a review of EU defense cooperation, claiming the bloc can no longer rely on the U.S. for security.

Go deeper