Bloomberg | Andy Hoffman and Javier Blas: A proposed plan by the European Union, Russia and China to sidestep U.S. sanctions on Iran by using an alternative payment system won’t give its oil buyers a free pass to handle Iranian crude.

Legal sanctions experts and oil traders said the creation of a special purpose vehicle and payments channel to keep trade open with Iran, unveiled this week by EU Foreign Affairs chief Federica Mogherini, would still leave traders buying or selling crude from the Islamic Republic vulnerable to punitive actions by the U.S. Treasury Department.





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