Europe, Iran diplomats plan to save nuclear deal

Daniel Fowler
May 17, 2018

European Union foreign policy chief Federica Mogherini said pulling out of the Iran nuclear deal was not a decision that could be taken exclusively by the U.S. Trump also announced that the USA re-imposes the "highest level of economic sanctions" on the Islamic Republic, including the sanctions against the country's oil sector.

Iranian Foreign Minister Mohammad Javad Zarif touched down in Moscow on Monday morning as part of a series of global diplomatic meetings aimed at saving the Iran nuclear deal following the United States' withdrawal.

"However, if they resist the pressure from America, then I expect to see a small number of refineries being targeted by the U.S. treasury - imposing heavy fines on them to make an example for other refineries".

This month, however, the oil bulls gained ground following Mr Trump's decision to pull out of the Iran nuclear deal and reimpose sanctions on the oil-producing country.

French Foreign Minister Jean-Yves Le Drian has said that his country intends to stay in the Iran nuclear deal. "One of the questions that we need to ask the Americans is whether their final objective is to make the Iranians yield on its nuclear programme or to get rid of the regime", said a senior French official, acknowledging that Paris was concerned by the ideological shift in Washington since John Bolton was appointed US National Security Advisor. "Whatever (is) decided should preserve and guarantee Iran's rights". "A lot depends on what we can do within the next few weeks".

For the U.S. to abandon the JCPOA could have global consequences, including with North Korea, which has nuclear weapons and which, unlike Iran, is not inspected by the UN's International Atomic Energy Agency (IAEA).

"It won't be easy, that's clear to all of us".

He is due to meet with counterparts from Britain, France and Germany on Tuesday. The issue here is what the Europeans are going to do.

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Mogherini agreed at the end of a long day of diplomatic meetings.

During the call, Rouhani said the United States decision to withdraw from the deal was "unlawful" and "irresponsible".

She added: "Britain, France, and Germany were of the opinion that the agreement against Iran's nuclear armament is an agreement that certainly has weaknesses, but an agreement we should stand by".

However, Washington's decision to pull out of the global nuclear deal and its threat to reimpose sanctions on firms doing business in Iran has cast fresh doubt over this new trade.

The European Commission has been examining measures to counter the introduction of any USA sanctions that could harm European businesses. In addition, the European Union leaders will discuss possible response to the United States decision at the summit of EU-the Balkans may 17, the Bulgarian Sofia.

"Our trade with New Zealand is the importing dairy products from NZ, if they want to impose sanctions then they must ban the companies from exporting the commodities to Iran".

The regulation, which has been brandished as a threat in the past but never used, was drawn up more than 20 years ago and would have to be revised.

There is little doubt the pressure on supplies from Iran will have a supportive impact on prices, but U.S. producers are expected to increase output and Opec has the spare capacity to fill in any gaps in the mid-term, so this factor is likely to have a limited effect.

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