Published: Tue, May 15, 2018
Business | By Kate Woods

U.S. threatens sanctions on Europe for business with Iran

U.S. threatens sanctions on Europe for business with Iran

The minister's outburst seemed to conflict with rhetoric he spouted on the same day, to the effect that "Trump's decision [to pull out of the Iran nuclear deal] will not have any impact on our oil export. that era is history now"; Zanganeh added that his industry would survive even if foreigners decided not to do business with the Islamic republic for fear of us penalties.

U.S. President Donald Trump has finally made a decision to withdraw from a nuclear deal signed with Iran, announcing new sanctions to "punish" Tehran for its plans to build a nuclear bomb.

As they grapple with the short-term threat of US sanctions, European officials are debating how to protect the bloc in the long term against the overseas reach of American law.

Germany's minister for economic affairs Peter Altmaier said last week that Berlin will try to "persuade the United States government to change its behaviour".

Europe needs new "financial instruments allowing it to be independent from the United States", Le Maire said. Trump may also have been emboldened to act more punitively against Iran because it lacks North Korea's powerful intermediaries.

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Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behavior, not just their nuclear program, but their missiles and their malign behavior as well".

A second official confirmed to the news agency on Thursday that Washington still wanted the inspections.

After the President Donald Trump announced his withdrawal from the Iran deal, Prime Minister Jacinda Ardern said his decision was "disappointing".

That appears unlikely after US Treasury Secretary Steven Mnuchin said on Tuesday that licenses for the planemaker and rival Boeing Co to sell passenger jets to Iran would be revoked.

Bolton said Europe was still digesting the May 8 move by Trump.

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"Europe and China will not fight against the USA sanctions".

“We expect that Iranian exports will fall well before the 180-day period until oil sanctions will be in effect, similar to the 2012 sanctions. Around 120 German firms have operations with their own staff in Iran, including Siemens, and some 10,000 German companies trade with Iran.

"We are ready to talk to all the companies concerned about what we can do to minimize the negative consequences", he told Deutschlandfunk radio. "That means, it is concretely about damage limitation" and offering legal advice, he said. That poses little relief for Iran, as most non-American business would not want to risk being sanctioned by Washington by continuing to deal with Tehran.

The exit drew swift criticism from the deal's other signatories, including USA allies in Europe who'd tried for weeks to convince Trump to remain on board and said they plan to keep their commitment to the deal. "I believe Russian Federation doesn't want that right now, and they are the key player". Bild newspaper quoted him as saying.

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