In a sign that American leadership is alive, well and thriving in the Western world, major European banks have announced they will reverse their policies that had been encouraged under President Barack Obama and cease their financial dealings with Iran:
Swiss lender Banque de Commerce et de Placements (BCP) has suspended new transactions with Iran and is winding down Iran-related activities, the latest company to halt business after the United States said it would reimpose sanctions on Tehran.
BCP, founded in 1963, has been among the players active in Iran-related trade finance in commodities, finance sources say.
U.S. President Donald Trump pulled out of an international nuclear deal with Iran on May 8 and said he would reimpose sanctions within 180 days, prompting several European companies to announce they would end business with Tehran.
“We have suspended any new transaction related to Iran after May 8, 2018 and started the ‘wind down period’ within the framework of OFAC announcement,” BCP said in a emailed statement to Reuters, referring to the U.S. Treasury’s sanctions enforcement arm.
This follows Germany’s No.2 lending institution DZ Bank’s decision from last month announcing they will cease all financial transactions with Iran in July.
When US Ambassador to Germany Richard Grenell was finally installed in Berlin, one of his first official actions was to call on German businesses to divest from the murderous regime in Tehran. Grenell was roundly criticized by liberal media outlets and defenders of the Obama policies but now, weeks later, it appears Grenell’s leadership is reaping results.
I spoke with Grenell about his efforts in turning German businesses from the terrorist-supporting Iranian government last week on my radio program on WMAL in Washington DC.
Listen to the interview here: