Date :Saturday, July 7th, 2018 | Time : 15:51 |ID: 66121 | Print

World powers support Iran’s continued oil and gas exports despite US threats

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Shafaqna- European powers including China and Russia, said that they support Iran’s right to export oil and gas, despite threats of sanctions by the US.

According to US News, five world powers have agreed with Iran to forge ahead with negotiations to help preserve economic and financial channels with the country and maintain its ability to export gas and oil as they seek to preserve a nuclear deal with Tehran.

Foreign ministers and senior diplomats from Britain, China, France, Germany and Russia held talks on Friday with their Iranian counterpart, Mohammad Javad Zarif, in Vienna for the first time since US President Donald Trump announced he was abandoning the nuclear deal and moving to re-impose sanctions on Iran,

Washington has since told countries they must stop buying the OPEC producer’s oil from November, 4 or face financial consequences, Alarabiy reported.

Despite the US threat to penalise companies and banks that do business with Iran, the remaining signatories said they would work to promote investment and trade. They also vowed to maintain financial channels, promote export credit cover and air, sea and overland transport links, and to work for the “the protection of companies from the extraterritorial effects of US sanctions”.

European Union foreign policy chief Federica Mogherini told reporters that top diplomats from Germany, Britain, France, Russia and China reaffirmed their commitment to the 2015 deal, known as the Joint Comprehensive Plan of Action, “which is in the security interest of all.”

In a joint statement, the foreign ministers said they are still committed to the economic relations with Iran including “Iran’s continued oil and gas exports” and other energy products.

Iranian President Hassan Rouhani had previously called the latest package of incentives offered “disappointing,” but Iranian Foreign Minister Javad Zarif said he would convey “deeper explanation” observed at Vienna meeting to Tehran.

Still, he called the meeting “one step forward.”

“The EU package is a commitment, but we have to wait and see how it will be put into practice before the first sanction date” of August 6.

France’s foreign minister said world powers would struggle to put together an economic package immediately.

“They (Iran) must stop threatening to break their commitments to the nuclear deal,” Jean-Yves Le Drian said. “We are trying to do it (economic package) before sanctions are imposed at the start of August and then the next set of sanctions in November. For August it seems a bit short, but we are trying to do it by November,” he said.

World powers and Iran appeared to make no concrete breakthrough on Friday in talks to provide Tehran with an economic package to compensate for U.S. sanctions that begin taking effect in August, Rueter states.

U.S. President Donald Trump in May said he was unilaterally pulling out because he felt it wasn’t strong enough and didn’t cover other issues of concern to the U.S. and its allies, such as Iran’s military influence in the Middle East and a ballistic missile program.

Since Trump’s shock move in May, which dismayed all other signatories, Washington has warned other countries to end trade and investment in Iran and stop buying its oil from early November or face punitive measures.

Washington claims Iran a state sponsor of terrorism with links to Lebanon’s Hezbollah, Hamas in the Palestinian territories and networks in Iraq and Yemen, and demands it stop supporting Syrian president Bashar al-Assad.

 

Read more from Shafaqna:

Rouhani: US plan for Iran oil export may impact regional exports

Saudi king agreed to Trump’s request to boost oil production

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