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- "EU still struggling with payment system to bypass Iran sanctions," Behnam Ben Taleblu, Axios
EXECUTIVE SUMMARY: Senior officials in the Trump administration have indicated that the sanctions recently imposed on the Islamic Republic were intended to significantly change its behavior. This declaration is inconsistent with its granting of an exemption to the eight countries – particularly China and India – that make up the bulk of Iranian oil exports. The administration’s decision reflects, among other things, the desire to avoid a shake-up in global oil prices and a pragmatic approach that allows room for maneuver for countries that are not ready to immediately halt their purchases of Iranian oil. However, the decision is being interpreted by Tehran as a sign of weakness and an achievement for Iranian foreign policy. Continue to full article -> Russian banks are finding ways to cope with Western sanctions, as a renewed focus on retail banking and greater reliance on state-backed investments fuels a profit boom. Andrey Kostin, chief executive of state-owned VTB, says Russian banks are being forced to rely on funding and projects from the state to maintain revenue streams in the face of the measures. – Wall Street Journal
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