Iran, Italy Private Sectors Discuss Creation of Special Bank - Exclusive

Committed to preserving historically close trade relations between Iran and Italy, private sectors from both sides have explored the setting up a small bank to side-step the new US sanctions imposed last year after President Donald Trump abandoned the Iran nuclear deal. 
"In our meetings with the private sector in Italy, they proposed opening a small bank for euro transactions with Iran without the involvement of the US dollar," Lida Shahabi, general secretary of Iran-Italy Joint Chamber of Commerce told the Financial Tribune. 
"Italy has a big share in Iran’s market and the Iranian market has both potential and capacity. Because Italy has been its number one trading partner [in Europe] it does not want to lose Iran," she said.