World powers back Iran oil exports despite U.S. sanctions threat

Ivan Schwartz
July 8, 2018

Federica Mogherini, European Union foreign policy chief, convened the crucial meeting with top diplomats from Germany, France, UK, Russia, China and Iran, as well as the head of the United Nations nuclear watchdog, two months after President Donald Trump's decision to pull the USA out of the deal.

She added that the participants will work on the issues such as "the encouragement of further investments in Iran, the protection of economic operators for their investments and other commercial and financial activities in or in relation to Iran, the bringing together of private and public sector experts, the practical support for trade with and investment in Iran, the protection of companies from the extraterritorial effects of U.S. sanctions".

On Tuesday, Rouhani warned against the US attempts to block Iran's crude oil exports from November, saying that "cutting Iran's oil would mean cutting the region's oil".

That was earlier than some expected, according to CNBC, following President Donald Trump's decision to pull out of the 2015 Iran nuclear deal.

"We are trying to do it before sanctions are imposed at the start of August and then another set of sanctions in November".

"The participants recognized that, in return for the implementation by Iran of its nuclear-related commitments, the lifting of sanctions, including the economic dividends arising from it, constitutes an essential part of the JCPOA", Mogherini told reporters after the meeting without taking questions.

Speaking also on July 6, German Foreign Minister Heiko Maas said world powers would not be able to fully compensate for companies leaving Iran due to new USA sanctions.

"We have agreed ... that the experts of the Joint Commission of the Joint Comprehensive Plan of Action (JCPOA) would consider ways that would allow [us] to stick to our commitments taken under the [agreement] independently from the US, " Lavrov told journalists following a ministerial meeting of the parties to the Iran deal.

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In 2012, Iran threatened to block the strait in response to sanctions by the United States and the European Union against the country's nuclear program.

"It would be meaningless that Iran cannot export its oil while others in the region can".

In light of Washington's push on sanctions, European leaders have said they would do their utmost of maintain business ties with Iran but it would be hard for them to make any "guarantees".

The measure authorizes the bank to work with Iran starting in August, but it does not require it to do so.

Also, the bank has expressed concerns that it will have difficulty raising money in financial markets if it defies the USA sanctions. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

With tensions rising over the strategic waterway, the European Union is proposing a plan for salvaging a multinational nuclear deal with Tehran after Washington withdrew, but Iranian President Hassan Rouhani told leaders in Paris and Berlin on Thursday that the package did not go far enough.

The rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.

Other reports by GizPress

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