Published: Wed, May 16, 2018
Markets | By Otis Pena

Moscow doesn't rule out Tehran's pullout from nuclear deal - deputy FM

Moscow doesn't rule out Tehran's pullout from nuclear deal - deputy FM

Iranian Foreign Minister Mohammad Javad Zarif arrived in Brussels for a meeting with his British, French and German counterparts later on Tuesday, shortly before Washington announced extra sanctions on Iranian financial officials.

Zarif's meetings in Brussels cap a whirlwind global tour, including trips to both Russian Federation and China, two other signatory nations, in a bid to bolster support.

USA supplies are still a significant factor in counterweighing Opec cuts, but China's powerful lift in demand is now adding to Opec plus Russia's strategic strengths.

Europe, he added, was likely to push against Trump's pronouncement and attempt to keep the nuclear deal going.

The three European countries, Britain, France and Germany, are racing to reassure Iran that they are committed to the nuclear agreement and to offer guarantees that the deal will remain in place because, as they put it, it is important for their "shared security". This was besides the condition that Iran would abide by the demands of International Atomic Energy Agency to inspect the nuclear establishments as and when they desire.

US President Donald Trump said the deal was "horrible" because of expiry dates on its restrictions and because it did not cover Iran's ballistic missile programme or its regional influence.

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

Such an effort, he said, would involve "private sector Americans" who would help North Korea develop its electrical grid, improve its agriculture and develop its infrastructure.

All foreign businesses operating in Iran will be required to "wind down" activities or "risk severe consequences", the statement added, in effect threatening billions of dollars worth of business deals.

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"China is Iran's biggest customer, said Carl Weinberg, chief economist at High frequency Economics in a note to clients".

Some analysts, however, accused him of doubling down on hawkish policies towards Iran.

The possible collapse of a deal which had promised to keep Iran in check comes as Israel attacked Iran's military installations in Syria.

Commercial deals with Tehran are on top of the priorities behind the decision to join or withdraw from the nuclear agreement with Iran. France has been among the most vocal critics, after French banking giant BNP Paribas was fined almost $9 billion in 2014 for violating US sanctions on Iran, Sudan and Cuba. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was anxious about stability in the West Asia, according to Macron's office. The deal's proponents say it is crucial to forestalling a nuclear Iran and preventing wider war in the Middle East.

Zarif is now on a tour of the countries that are the parties to the agreement on the Joint Comprehensive Plan of Action (JCPOA) to hold consultations to salvage the deal. "They have to meet somewhere in Europe".

Iran's Supreme Leader Ayatollah Ali Khamenei has called the USA withdrawal "impudent" and "worthless". "But it's unlikely they can keep doing business today, giving room to Russian Federation", said independent political scientist Vladimir Sotnikov.

"We don't want the USA pullout from the Joint Comprehensive Plan of Action to become a prelude for a further spike in military tensions in the Middle East, although the danger of this is evident", Ryabkov said, adding, "This danger followed the U.S. decision and what happened then is growing, according to our assessments".

Iran has warned it could resume uranium enrichment "without limit" in response to Trump's decision.

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