Joint Efforts by China, EU Can Offset US Pullout from Iran Deal

Lester Mason
May 18, 2018

Growing tensions over President Donald Trump's decision to pull out of the Iran nuclear deal is threatening to put unprecedented strain on the post-war transatlantic alliance.

"With the sanctions the Americans are to impose, you can't do business in Iran if you also have business in the USA, and we have that on a large scale", Skou told Reuters in an interview following the firm's first-quarter report. The EU has continued to criticize Trump's decision to withdraw from the Iran deal, saying it was the best way, at the moment, from stopping Tehran acquiring nuclear weapons.

Meanwhile, European countries are considering dumping the dollar in favour of the euro when it comes to making payments to Iran for its crude oil, Russian media reported, citing a diplomatic source who had knowledge of the development.

Signed in 2015 between Iran and a group of world powers - China, the US, Russia, France, the UK, Germany and the European Union - the deal ended decades of economic sanctions and led to heavy investment flowing into Iran. "No one will choose Iran over the US The deal is dead". "We're not going to be the allies of Iran against the United States of America", Macron said in a news conference in Sofia, Bulgaria.

The US is the world's leading economic power.

Valdis Dombrovskis, the commissioner in charge of financial-services policy, told lawmakers in Brussels that any blocking regulation could be "of limited effectiveness" given the global nature of the banking system, especially the exposure of large systemic banks to the U.S. financial system. It is precisely because of its economic hegemony that the United States can arbitrarily impose unilateral sanctions on Iran.

"International companies with interests in many countries make their own choices according to their own interests".

Leaders of European states will maintain the nuclear deal with Iran and protect their corporations against potential USA sanctions for doing business in the Islamic Republic, according to French President Emmanuel Macron.

Other reports by Iphone Fresh

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