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."
In an effort to get ahead of any announcement, a senior administration official told The Associated Press on Friday that the U.S. will fully enforce its sanctions and hold anyone accountable for undermining them. The official spoke on condition of anonymity to discuss the issue.
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