Very usefull links


News links




Dow Jones

Oil price



Views and News





EU will have no choice but to bend to U.S. sanctions on Iran - Javier Solana

Jock Fistick/Bloomberg

Javier Solana

- U.S. wields ultimate dollar power, according to Javier Solana

- Former NATO chief and EU foreign envoy commments in interview

By Esteban Duarte

Petroleumworld 09 12 2018

Europe will have no choice but to comply with U.S. sanctions on Iran, according to Javier Solana, a former NATO secretary general and early advocate of the nuclear deal abandoned by Donald Trump.

Solana, who was a long-time promoter of diplomacy with Iran as the European Union's foreign envoy, said that the U.S.'s international financial clout means EU efforts to get around sanctions are doomed to fail.

“I wish I could say yes,” Solana said when asked if European moves to circumvent sanctions will succeed. Rather, the U.S. Treasury's ability to sanction transactions carried out in dollars effectively kills those plans, he said in an interview in Madrid.

“The power of the U.S. today is not military, it's the dollar,” said Solana, 76, who is now chairman of the Center for Global Economy and Geopolitics at ESADE business school in Madrid. “They squeeze you out.”

France and Germany are exploring ways to sidestep the penalties, with French Finance Minister Bruno Le Maire last month referring to work on “an independent European or Franco-German financing tool” to avoid falling foul of U.S. measures. Pressure is growing on Europe to act to save the accord, with U.S. sanctions against Iran's oil industry set to come in from Nov. 4 and Iran telling the parties to the nuclear deal to come up with ways to offset the economic impact by then.

Solana pointed to French oil major Total SA's decision to withdraw from the South Pars gas field after failing to secure an exemption from sanctions as evidence of the U.S.'s power to enforce extra-territorial measures.

“You have to cut off your relationship with the U.S. because they don't allow your dollars to go through,” he said.

Total made a real effort to be in Iran after the lifting of sanctions, said Solana. “So if Total is leaving, imagine the smaller players.”

— With assistance by Ben Sills, and Jonathan Tirone


Story by Esteban Duarte from Bloomberg News. 09 11 2018


We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter




Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.