Now, key European states have created a new body, a so-called Special Purpose Vehicle, which is intended to allow some European businesses to keep doing business with Iran. This is because of its dominance over two key aspects of the global financial architecture: the dollar clearing system and the global financial messaging network SWIFT. What the United States figured out soon after Sept. 11, 2001 was that it could take far more extensive measures. However, neither is central enough in the global financial system to be able to effectively push back. The United States may be overreachingIn the past, the United States has mostly been able to rely on its European allies for support.

Source: Washington Post January 31, 2019 15:33 UTC