Midad Maleki, the former head of the Office of Sanctions Targeting at the U.S. Treasury Department, said that by issuing its recent statement, the European Union has increased the risk that European companies will cooperate with the Islamic Republic, and that this action could lead to a reduction in trade interactions with Tehran.

He added that U.S. Treasury pressure on the Islamic Republic’s financial channels, especially via the UAE and Turkey, could have a greater impact than pressure on China. According to Maleki, if U.S. pressure increases, China has a record of reducing economic cooperation with the Islamic Republic, and there are also signs of Beijing’s alignment with these pressures.