Published: Wed, May 16, 2018
Business | By Kate Woods

World leaders united against Trump decision

World leaders united against Trump decision

The inflammatory remarks from Saudi Foreign Minister Adel al-Jubeir came just a day after Donald Trump pulled the United States of America out of the Iran nuclear deal.

Bank of America Merrill Lynch this week discussed the "risk of $100/bbl oil next year", saying global oil markets likely will tighten further if a new Iran deal is not reached or OPEC and Russian Federation extend production cuts into 2019.

European companies like Total, Airbus, Siemens and Renault are nervously looking at their options.

But paying Iran for the oil India buys would become hard in case European countries join the U.S. and impose financial sanctions and block banking channels, he said. "What Iran wants are our interests to be guaranteed by non-American signatories". A French government spokesman said European Union partners could fight the sanctions under world trade rules.

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Already, many European countries and others are also protesting the U.

He has said that Iran "will not accept any restrictions beyond its commitments" to comply with global rules in the years ahead. "China will certainly benefit from the current development, but the biggest victor in the process will be Russian Federation". Last year, Oman's central bank signed a memorandum of understanding with its Iranian counterpart in order to boost trade. He added that condensate, a super-light form of crude oil that was excluded in the last round of sanctions, may well be included. They had never done that before.

Trump's decision was met with condemnation from European leaders and Russian officials. "Russians would always get smaller sub-contracting service contracts - but not a prime contract. and there are others [contracts] on the horizon".

He said Trump's withdrawal also meant multiple cases of "significant non-performance" with the nuclear deal, and "clear non-compliance" with resolution 2231 of the UN Security Council, which endorsed the deal.

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Certain waivers can be negotiated, but the USA did not say what goods or countries might qualify. "A number of worldwide companies and banks will reconsider their Iran strategy, and that will definitely have an impact".

"We hope recent events will lead us not to trust in the West and even Europeans", he said Sunday, according to the conservative-linked Fars news agency. The sanctions will not only bar USA companies from doing business with Iran, but they also will hurt foreign companies by prohibiting them from using American banks unless they cut links with Iran. Let's not forget that pulling out of the Iran nuclear deal was one of Donald Trump's campaign promises. It is recognised that Iran will only stay within the terms of the deal if any economic benefits will outweigh possible future USA trade sanctions.

WASHINGTON-Major companies, particularly in Europe, could see billions of dollars in commercial deals cancelled because of the USA decision to reinstall sanctions on Iran, though the ultimate impact remains unclear due to the possibility of renegotiations and exemptions, experts say.

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