Published: Wed, May 16, 2018
Global | By Marsha Munoz

Brussels, Tehran aim to preserve Iran nuclear Deal

Brussels, Tehran aim to preserve Iran nuclear Deal

Zarif's statement puts pressure on U.S. European allies and other parties to the deal to find a way to keep it alive despite Trump's efforts to ice it, said Suzanne Maloney, an Iran analyst at the Brookings Institution.

Russian Federation and Germany say efforts must be taken to preserve the nuclear deal with Iran following the USA exit.

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". As a outcome, business leaders would have to make a choice between being active either in the US or Iranian market.

Among them is the possible use of an EU "blocking regulation" which would, in essence, ban European companies from respecting American sanctions when the sanctions might damage EU interests, notably trade and the movement of capital.

"We are not scared of sanctions", Ryabkov said.

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"China and Iran maintain normal economic ties and trade", said Foreign Ministry spokesperson Geng Shuang. He has said that Iran should receive the economic benefits promised in the accord, even if the U.S. reinstates economic sanctions against the country.

But other countries around the world, including Germany, France and the United Kingdom, have said they would like to keep the original deal, known as the Joint Comprehensive Plan of Action (JCPoA), in place.

Much is at stake for both countries.

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The European Union exported almost €11 billion ($13 billion) in goods to Iran in 2017, a 66% increase from 2015.

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German exports to Iran totalled almost 3 billion euros in 2017, while French exports soared from 562 million euros in 2015 to 1.5 billion in 2017 and oil giant Total has pledged to invest some $5 billion in the South Pars gas field.

Other voices are requesting the European Union to apply to Iran the system set up in 1990 to oppose the sanctions that the USA unilaterally imposed on Cuba.

Bruno Le Maire, France's finance minister, also said he spoke with Mnuchin about getting an exemption for French firms that are present in Iran, including Renault, Total and Peugeot. Companies caught violating the sanctions could be cut off from the U.S. financial system and targeted with a range of penalties.

Foreign Minister Heiko Maas and his Russian counterpart Sergey Lavrov affirmed their commitment to the Iran deal. "Russia can now go ahead at full speed", he said.

That appears unlikely after Mnuchin said this week that he intends to revoke licenses for the Airbus sales as well as planned plane sales by USA manufacturer Boeing.

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Trump said he wants to impose new conditions on Iran, to address its ballistic missile program, its support for terrorism, the expiration dates and inspection provisions in the agreement.

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