Opinion: Europe must resolutely oppose the tyranny of the dollar

Mark Leonard, director of the European Council on Foreign Relations, believes that the Old World should give a decisive rebuff to America's one-sided policy and the tyranny of the dollar.

"The White House received the so-called" secondary (indirect) sanctions from the predecessors, through which the US can isolate undesirable regimes from the global economy. However, in the hands of the American administration, this tool turned into a cudgel, with which it began to threaten the allies," the expert said.

"After Washington announced its withdrawal from the Joint Comprehensive Action Plan (IFAP), European leaders began to look for ways to preserve Iran of certain advantages, but the United States is trying to hinder this process in every way," he added.

According to him, European corporations and central banks, including the ECB, are currently under pressure. Thus, the Bundesbank considered the possibility of opening a special account to finance trade with Tehran, but refused this idea rather quickly and without any special explanation. The Bank of France, in turn, created a similar account, but also quickly changed course.

In addition, the European Union has not yet been able to find a country that would agree to become the jurisdiction for registering a special company that will be used for settlements with Iran. This is explained, apparently, by the fact that the member states of the alliance do not want to cross the United States, hosting a similar company, since Washington, in this case, can take political measures against them or even impose sanctions.

"I think that for the near future, one of the most important for Europeans will be the following question, how to hold their positions in a world dominated by the dollar. Earlier, the EU has already opposed the protectionist attacks of the United States, threatening to apply countermeasures against American manufacturers. Now is the time to do the same in the financial sector. This, unfortunately, is the only diplomatic language that the White House seems to understand," said M. Leonard.