TEHRAN, Aug. 23 (Xinhua) -- Italy has let a number of the country's banks to work with Iran using euro instead of U.S. dollar to skirt sanctions from the United States, an Iranian official told Tasnim news agency on Thursday.
The Chairman of Iran-Italy Joint Chamber of Commerce, Ahmad Poorfallah, said that Italian banking system authorities decided to reengage the bankrupt banks and the second and third-class banks by giving permission for them to cooperate with Iran on the basis of euro.
Instead of cooperating with big European companies that use dollars and are afraid of the U.S. penalties over cooperation with Tehran, Iran is better to work with Italy's small and medium-sized businesses that use euros for their banking transactions, Poorfallah pointed out.
Washington left the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), in May and vowed to return sanctions which were relieved under the deal.
In earlier August, U.S. President Donald Trump signed an executive order to reimpose sanctions targeted financial transactions that involve dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
The second batch of U.S. sanctions targeting Iran's oil sector and central bank are to be reimposed in early November. Trump has warned that those who do not wind down their economic ties with Iran would "risk severe consequences."
