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USA sanctions 'possible' on European companies doing business with Iran

15 May, 2018, 22:40 | Author: Kristi Dunn
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"It's clear that there should also be economic incentives - that will not be easy after the US decision", Maas said.

Zarif gave an upbeat assessment after a "good and constructive" meeting with Mogherini.

Zarif told Wang that maintaining the nuclear deal will serve Iran's interest. The deal's official name is the Joint Comprehensive Plan of Action (JCPOA).

The US will re-impose sanctions on Iran and firms dealing with it could be hit, angering signatories like France.

"There is no one magic solution - there will be a complicated, comprehensive series of options at both the European Union and national level, therefore it will take some time", a senior European Union official said.

A number of voices in Iran have suggested the deal is unlikely to survive.

Mogherini and European Commission chief Jean-Claude Juncker will outline to the leaders what measures the bloc could take to shield its now substantial economic interests in Iran.

The deal was negotiated between Iran and the five permanent members of the UN Security Council - Britain, China, France, Russia and the United States - plus Germany.

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.

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Iran's foreign minister is visiting China for talks following President Donald Trump's decision to scrap USA participation in the agreement over Iran's nuclear program.

Mr Zarif's next stop is Moscow and only then will he fly to Brussels, where he will meet Boris Johnson, the foreign secretary, and his French and German counterparts. Washington's decision to go against its European allies' advice and abandon the deal has pushed them closer to Beijing and Moscow as diplomats scramble to keep the pact alive.

However, President Trump has explicitly noted that U.S. hopes to reach a "fair" deal with Iran through new rounds of talks.

Iran's president Hassan Rouhani has assigned his foreign minister to review the future of the Joint Comprehensive Plan of Action (JCPOA), through direct talks with his British, Chinese, French, German and Russian counterparts.

"Guarantees of benefits of the JCPOA should be given to Iran".

Zarif also called the US decision to move its embassy from Tel Aviv to Jerusalem as "dangerous".

US President Donald Trump signs a document reinstating sanctions against Iran after announcing the US withdrawal from the Iran Nuclear deal.

Under the deal signed in Vienna with six world powers - China, France, Russia, the United Kingdom, the US, Germany, and the European Union - Iran scaled back its uranium enrichment programme and promised not to pursue nuclear weapons in exchange for the lifting of economic sanctions.

Iran's main concern is that renewed US sanctions will have a far-reaching impact on the willingness of non-American companies and banks to deal with Iran, crippling its trade, oil exports and an already strained economy.

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