May challenges Trump over Iran nuclear deal fallout

Lloyd Doyle
May 16, 2018

Iranian officials have previously complained that levels of foreign investment were lower than expected after sanctions were lifted in 2015, and Trump's withdrawal will no doubt exacerbate the issue.

But paying Iran for the oil India buys would become hard in case European countries join the USA and impose financial sanctions and block banking channels, he said.

"Do we accept extraterritorial sanctions?"

The news agency Bloomberg, citing Amrita Sen, chief oil analyst at Energy Aspects Ltd., noted that the renewal of Iranian sanctions can drastically change the agenda for the upcoming OPEC meeting in June.

It said: 'Iran strictly sticks to its commitments'.

"I have ordered Iran's atomic organisation that whenever it is needed, we will start enriching uranium more than before", Mr Rouhani said.

War with Iran would be comparable to the subjection of Germany at the end of World War 2, he said. Essentially, any nation that fights the US on this decision will be, in effect, choosing Iran over the United States and this is highly unlikely.

Mr Turnbull told the ABC he had "some optimism" that the nuclear agreement would survive without the participation of the United States. That has kept USA output well off its prior highs. "And we certainly are trying to support that", he said.


France's Finance Minister said European countries should push back harder against the Trump administration over the Iran nuclear deal and not act as "vassals" to the US. "With prices moving close to $US80 a barrel and with a great opportunity presented to Saudi Arabia and Russian Federation to regain market share without crashing the oil price, we think there is a good chance the current OPEC+ deal will end by the end of 2018, if not before".

The former First Sea Lord added a nuclear armed Iran is "far more unsafe than North Korea". It remains for President Donald Trump and the current Congress to attempt to clean up the mess.

France, Britain and Germany had all said they will work with Iran to try to salvage the agreement.

Oil has been driven to the highest levels since 2014 as traders anticipated the move by Trump and on simmering geopolitical tensions in the Middle East. Today's "pretty constructive inventory report out of the U.S.is also supportive".

Mogherini is scheduled to chair talks between Iran's foreign minister and his British, French and German counterparts in Brussels on Tuesday to discuss the U.S. withdrawal from the nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA). Even after the implementation of the JCPOA, U.S. persons remained prohibited from virtually all dealings with Iran; accordingly, the impact on U.S. persons from the withdrawal will largely be limited to non-U.S. entities owned or controlled by U.S. persons.

In a statement released shortly after Mr Trump's announcement, United Nations Secretary-General Antonio Guterres said he was "deeply concerned" by the decision to drop the deal and reinstate sanctions. This is a break with global commitment and France deeply regrets this decision. In response to Trump's rant, Leader of the Islamic Revolution Ayatollah Khamenei stressed that Washington's problem with Iran has in fact nothing to do with the country's nuclear program.

European Union exports to Iran in 2017 (goods and services) totalled €10.8bn (£9.5bn; $12.9bn), and imports from Iran to the bloc were worth €10.1bn.

Other reports by Iphone Fresh

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