Published: Tue, August 07, 2018
Global News | By Blake Casey

European Union tells businesses to boost trade with Iran despite USA sanctions

European Union tells businesses to boost trade with Iran despite USA sanctions

"We are always in favour of diplomacy and talks... but talks need honesty". European allies said they "deeply regret" the United States action.

"Our policy is based on a clear-eyed assessment of the Iranian dictatorship, its sponsorship of terrorism, and its continuing aggression in the Middle East and all around the world", President Trump said in a statement.

He blasted the agreement yet again yesterday, calling it a "horrible, one-sided deal (that) failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb".

The sanctions went back into effect early on Tuesday and target financial transactions that involve U.S. dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.

Heavier US sanctions, aimed at Iran's oil sector, are due in November.

Iran accused the USA of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest.

"In my opinion, there is a good chance of that".

"We are encouraging small and medium enterprises in particularly to increase business with and in Iran as part of something that is for us a security priority", Mogherini told journalists during a visit to New Zealand.

In an executive order Monday, Trump said the sanctions seek to pile financial pressure on Tehran to force a "comprehensive and lasting solution" to Iranian threats, including its development of missiles and regional "malign" activities.

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"We are determined to protect European economic operators engaged in legitimate business with Iran", she said in a statement co-signed by the foreign ministers of Britain, France and Germany.

The sanctions, which take effect at midnight on Monday in Washington, bar transactions with Iran in USA currency, gold, precious metals, graphite, coal and semi-finished metals, as well as large sales of Iranian rials, issuing Iranian debt and vehicle sanctions.

The German carmaker had announced plans in 2016 to return to Iran after economic sanctions were lifted under an worldwide agreement that sought to limit the country's nuclear program.

Iranians are already seeing the effects of the sanctions, with Iran´s rial currency losing around half its value since Trump announced the USA would withdraw from the 2015 nuclear accord.

Mr Rouhani said: "They want to launch psychological warfare against the Iranian nation". "Negotiations with sanctions doesn´t make sense".

European Union officials, however, were quoted on Monday as saying that a number of other countries had asked them for details on the blocking regulations as they also explore ways to bypass sanctions. But, he said, the reimposed sanctions would endanger "ordinary Iranians".

"No Iranian politician can risk negotiating with the president who trashed the outcome of 12 years of negotiations over the nuclear issue and can't come to any lasting agreement with his own party and US's traditional allies", he said.

"Prices are rising again, but the reason is government corruption, not United States sanctions", said Ali, a 35-year-old decorator.

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