New Delhi, Aug. 30 -- US President Donald Trump recently intensified his "maximum pressure" strategy, with US Treasury Secretary Scott Bessent warning countries that continue financial dealings with Iran that they could face U.S. retaliation. Washington's new campaign-described by Trump as an "economic D-Day" and by the Treasury as "Operation Economic Outcast"-is explicitly designed to force third countries to choose between access to the U.S. financial system and continued economic relations with Iran.

Europe, however, has not simply fallen into line, because it has already tried the sanctions route and knows its limitations.

Where Europe differs with US

In recent years, the European Union has imposed extensive sanctions on Iran of it...