Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

//Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

via CNBC

  • Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions
  • European Union’s foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.
  • Called the “special purpose vehicle” (SPV), this mechanism would aim to “assist and reassure economic operators pursuing legitimate business with Iran,” according to a joint statement released by the remaining members of the Iran nuclear deal.
  • The U.S. has the power to expand its sanctions to target the mechanism, putting the venture’s feasibility into doubt.

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status SWIFT Logo

SWIFT (Source: Wikipedia)

In the latest sign of the growing divide between Washington and its allies, the European Union’s foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.

Called the “special purpose vehicle” (SPV), this mechanism would aim to “assist and reassure economic operators pursuing legitimate business with Iran,” according to a joint statement released by the remaining members of the Iran nuclear deal – France, Britain, Germany, Russia and China.

“This will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world,” Federica Mogherini, the EU’s high representative for foreign affairs, told the UN General Assembly on Tuesday.

Full article on CNBC here

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status goldnomics ep8 banner 1

News and Commentary

Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions (CNBC.com)

Gold inches down as dollar firms; Fed in focus (Reuters.com)

Hong Kong stocks lead Asian markets higher (MarketWatch.com)

Home prices rise at a slower rate in July: S&P Case-Shiller (CNBC.com)

Consumer confidence surges in September to 18-year high, near all-time peak (MarketWatch.com)

Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status (ZeroHedge.com)

Gold merger says ‘two very positive things about the sector’: Garofalo (Mining-Journal.com)

Gold production expected to plateau over the coming two years and turn negative from 2021 onwards. (Mining-Journal.com)

Signs of the Gold Apocalypse: M&A and Fund Extinction (TomLuongo.me)

Bonds Breaking Out As Global Inflation Spikes (KingWorldNews.com)

Gold Prices (LBMA AM)

25 Sep: USD 1,199.45, GBP 912.30 & EUR 1,019.77 per ounce

24 Sep: USD 1,198.75, GBP 913.69 & EUR 1,018.70 per ounce

21 Sep: USD 1,207.60, GBP 914.88 & EUR 1,025.25 per ounce

20 Sep: USD 1,203.00, GBP 910.55 & EUR 1,027.72 per ounce

19 Sep: USD 1,203.00, GBP 912.48 & EUR 1,028.44 per ounce

18 Sep: USD 1,199.40, GBP 913.94 & EUR 1,026.81 per ounce

Silver Prices (LBMA)

25 Sep: USD 14.29, GBP 10.86 & EUR 12.15 per ounce

24 Sep: USD 14.32, GBP 10.90 & EUR 12.17 per ounce

21 Sep: USD 14.33, GBP 10.87 & EUR 12.18 per ounce

20 Sep: USD 14.23, GBP 10.75 & EUR 12.14 per ounce

19 Sep: USD 14.18, GBP 10.76 & EUR 12.13 per ounce

18 Sep: USD 14.21, GBP 10.81 & EUR 12.16 per ounce

Recent Market Updates

– Gold Set to Soar Above $1,300 – Goldman and Bank of America

– Goldnomics Podcast: Silver Guru – David Morgan – Silver and Gold Will Protect in the Coming Currency Collapse

– This Week’s Golden Nuggets – Dalio’s Dollar Crisis, Fitt’s U.S. Government “Missing” $21 Trillion and Silver Guru’s End of Empire

– Dalio Warns Of Dollar Crisis – “History Is Doomed To Repeat Itself”

– Silver Guru Video: “The End of Empire and End of Fiat Currencies”

– Silver Is ‘Undervalued’ Relative to Stocks, Bonds, Gold – GoldCore

– We Are In “Never Never Land” Accounting As U.S. Government Is “Missing” $21 Trillion

– This Week’s Golden Nuggets – BOE Warns Of UK House Price Crash

– Video: BREXIT To Contribute To London Property Bubble Bursting

– Australia’s Banking System May Be The “Bloody Big Butterfly” Which Triggers Next “Financial Storm”

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status Goldnomics ep 8 CTA 1

The post Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status appeared first on GoldCore Gold Bullion Dealer.

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status   ptq

By |2018-09-26T22:33:55+00:00September 26th, 2018|Blog|Comments Off on Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

About the Author: