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The Trump administration is closely eyeing efforts in Europe to set up an alternative money payment channel to ease doing business with Iran without running afoul of US sanctions.
The White House is putting the Europeans on notice, saying that if they try to do an end-run around U.S. sanctions on Iran, they will be subject to stiff fines and penalties.
A spokeswoman for the European Union says preparations for the alternative system are "at an advanced stage" and could be announced "very soon."
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