Remaining signatories reaffirm commitment to Iran nuclear deal

09 July, 2018, 07:28 | Author: Orlando Hughes
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My mandate is crystal clear: Forge practical solutions.

Following a meeting in Vienna on Friday to save Iran's nuclear deal, European powers including China and Russian Federation, said that they support Iran's right to exporting oil and gas, despite threats of sanctions by the US.

The meeting on Friday confirmed that with the United States withdrawal from the deal, Britain would take over of the function of co-chair, together with China, of the Arak research reactor working group.

"Any hostile attempt by the USA will be followed by an exorbitant cost for them", said deputy commander of the Sarollah Revolutionary Guards base in Teheran Esmail Kowsari, according to the Young Journalists Club, affiliated with Iran's national broadcaster.

The Iranian President, Hassan Rohani, believes that the entirety of measures offered by the Europeans, to compensate for the effects of the U.S. government's withdrawal from Iran's global nuclear programme, have not to date proven satisfactory.

Trump said he was unilaterally pulling out of the deal negotiated by his predecessor because he felt it wasn't strong enough and didn't cover other issues of concern to the USA and its allies, such as Iran's military influence in the Middle East and a ballistic missile program.

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The European Union has already taken steps to shield European companies from USA sanctions, and it promises limited financial compensation to companies that are hit by the US measures.

"They must be implemented by the time the sanctions come into force", the minister demanded. Modernization of the Arak heavy water reactor is seen as a key issue in the Iran nuclear deal, as the reactor could potentially produce the nuclear fuel for a warhead.

Since Trump's shock move in May, Washington has warned other countries to end trade and investment in the Islamic republic and stop buying its oil from early November or face punitive measures. Several major firms - including France's Total and Peugeot, and Russia's Lukoil - have said they are preparing to leave.

The foreign ministers agreed on an 11-point list of joint goals in the Austrian capital, where the accord was signed three years ago with the aim of reining in Iran's atomic programme in return for sanctions relief that promised greater trade and investment.

Since Trump's announcement, Iran's rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.

Maas told reporters that it's not possible to compensate all the losses of Iran because of the companies leaving Iran out of fear to lose the business with America.

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