The Geneva-based Banque de Commerce et de Placements, BCP, announced its decision to pull out of activities that involve the Islamic republic of Iran, and immediately suspend any new transactions – in response to the American decision to pull out of the multinational nuclear deal that has effectively reimpose crippling international sanctions on Tehran’s economy.
BCP’s decision to pull its activities from Iran came in spite of a statement made by French Foreign Minister Jean-Yves Le Drian, that the European Union has made some progress on measures to protect European corporations from U.S. sanctions on Iran. That said, the French top diplomat confessed that the European measures were still insufficient and that there was still a need to create financial mechanisms away from the dollar, in euros or other currencies, that will help firms dealing with Iran, and for Teheran to be able to export its oil.