Europe needs to set up payment systems independent of the United States if it wants to save the 2015 nuclear deal between Iran and major powers in the wake of President Donald Trump's pullout, German Foreign Minister Heiko Maas wrote in an article published in the Handelsblatt business daily on Wednesday.
"That's why it is indispensable that we strengthen European autonomy by creating payment channels that are independent of the United States, a European Monetary Fund and an independent SWIFT system," Maas wrote.
"Every day the deal is alive is better than the highly explosive crisis that would otherwise threaten the Middle East."
The Belgium-based SWIFT global payment network that enables the bulk of the world's cross-border transactions shut Iran out in 2012 after the United States and EU imposed sanctions on the Islamic republic over its nuclear activities.
The 2015 agreement between Iran and world powers lifted international sanctions in return for Iran agreeing to curb its nuclear activities.
But in May Trump withdrew the U.S. from the deal, calling it deeply flawed. This month, he reimposed sanctions on Iran.
European powers have been scrambling to ensure Iran retains enough economic benefits to persuade it to stay in the deal. This has proved difficult, with many European firms wary of far-reaching U.S. financial penalties.
After French oil group Total formally pulled out of a major gas project, Iran urged Europe this week to speed up efforts to salvage the accord.
Trump's move against Iran and his imposition of tariffs on steel and aluminum imports from the European Union have strained relations between the U.S. and its European allies.
"Given the circumstances, it is of strategic importance that we tell Washington clearly: We want to work together," Maas wrote. "But we will not allow you to hurt our interests without consulting us."
The EU has vowed to counter the renewed sanctions on Iran, including with a new law to shield European companies from punitive measures.
