France has vowed to fulfil plans to defy the US’ sanctions on Iran while increasing the international role of the euro in order to prevent Washington from acting as the world’s “trade policeman”.

France’s Minister of Economy and Finance, Bruno Le Maire, told the British newspaper Financial Times that Europe is planning the formation of a special financial channel to Iran in order to keep trade flowing with the country and assure its own “economic sovereignty”, with the aim of making the euro as powerful as the dollar.

“Europe refuses to allow the US to be the trade policeman of the world,” Le Maire stated in an interview in Brussels, emphasising that Europe must “affirm our sovereignty” in regards to the US sanctions on Iran and its wider economic hegemony.

Trump imposes ‘unprecedented sanctions’ as Europe scrambles to save Iran deal

After President Donald Trump pulled out of the Iranian nuclear in May, the European Union – along with Russia and China – remained committed to the agreement, and has insisted on defying the sanctions and facilitating trade with Tehran.