France has gathered support to challenge US regulators imposing heavy penalties on foreign banks at a G20 meeting of world leaders later this year after the record $8.9bn fine levied on BNP Paribas last month.
Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet in Brisbane in Australia in November, according to French and other European officials.
President François Hollande’s socialist government lobbied US authorities hard to limit the sanctions on BNP, which was also given a one-year ban on clearing some dollar transactions when it pleaded guilty to processing billions of dollars of transactions for groups in Sudan, Iran and Cuba in violation of US sanctions.