Published: Thu, May 17, 2018
Markets | By Otis Pena

UK, France, Germany To Discuss Shielding Firms After US Exits Iran Deal

UK, France, Germany To Discuss Shielding Firms After US Exits Iran Deal

Zarif arrived in China to meet his Chinese counterpart Wang Yi on Sunday - the first stop on an urgent diplomatic tour to salvage the JCPOA deal. The sanctions on oil will require European and Asian countries to reduce their imports from Iran. "President Donald Trump will translate into reality what he said on May 8", Ryabkov said.

Big losers are Iran's economically-distressed citizens, along with all others - including Israeli - who seek peaceful, secure lives for their families.

When he quit the deal last week, Trump gave businesses a maximum of six months to wind up operations in Iran or face swingeing penalties under American sanctions.

The flurry of activity between the European signatories of the 2015 accord with Iran reflects the lack of an alternative to the deal.

It was an irony that escaped few European officials: They were trying to find ways to ease the economic pressure on Iran and keep it in the nuclear deal, while Washington was trying to increase that pressure for unclear ends. It also points to a refusal to accept that Trump's decision on Iran, fulfilling a campaign pledge to US voters, should be allowed to upend a global agreement negotiated over years and which worldwide observers say is working.

"It is most important to point out that certain elements of Iran's policy in the region, and also its missile program, have aroused the resentment of the United States and its allies", Ryabkov said. This one which goes so far as to challenge control by Iran's Islamic regime, also has a large economic component. He said he spoke to U.S. Treasury Secretary Steven Mnuchin to request exceptions for French companies, a delay in implementing sanctions, and a so-called grandfather clause for companies that invested in Iran while the treaty was in place.

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European firms, on the other hand, are likely to abide by US sanctions regardless of what steps their governments might take, Nephew says, "unless Europe brings the fight to the United States and takes real action to make sanctions enforcement costly" for Washington. Companies that are importing Iranian oil are already looking for alternative sources.

Russian Foreign Minister Sergei Lavrov meets with his Iranian counterpart Mohammad Javad Zarif in Moscow on May 14, 2018.

Even if Pompeo is successful in getting the European members of the deal and the United States back on the same page, there is no reason to believe that Iran (which successfully recouped funds that were frozen under the sanctions regimen, has the Europeans anxious to preserve the deal and has China and Russian Federation on its side) will give up more than it did before.

According to Asa Fitch, reporting in The Wall Street Journal, the simmering anger voiced by protesters is being stoked by Tehran's corrupt and politically-empowered elite who are siphoning off Iran's wealth.

But of course we had these countries' "support" before, but they were not party to the deal.

"We know it's a hard task but we are detemined to do it and we have started to work to put in place measures that help ensure this happens", she told reporters. Great things can happen for the peace and stability of the Middle East.

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