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The E3 Surrenders Its Iran Leverage, One Frozen-Billion at a Time
The Versailles memorandum did not just end the Gulf fighting. It locked in a US-Iran bilateral channel that left the E3's 2015-era gatekeeping role on the wrong side of the door, with $12 billion of frozen assets as the price of admission.
Desk note: Where the wire read the week as a sequence of negotiating skirmishes, this publication read it as a single transaction, with the E3 announcement, the Iranian demand, the US deadline, and the walk-out threat functioning as price-discovery steps rather than as separate dramas.
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