Iran's oil customers in Europe keep buying, but expect problems with financing

Iran's oil customers in Europe keep buying, but expect problems with financing

So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there.

"[But] if the nuclear deal is to continue, the interests of the people of Iran must be assured".

The same can not be said of the biggest risk factor by far; Iran may turn its back on the global community completely and redouble efforts to develop its nuclear industry.

The top official has reemphasized the country's position on the Joint Comprehensive Plan of Action, commonly to as the Iran nuclear deal: in particular, that country plans to receive the economic benefits from the agreement, which were initially stipulated in it.

According to O Sullivan, where they will begin to develop a "coherent and consistent policy measures for the conservation of European business interests in Iran, while protecting your investment from the USA sanctions". The International Atomic Energy Agency (IAEA) has constantly maintained that Iran is sticking to the terms of the agreement and is not cheating, a fact independently verified by the US military as well.

The sanctions will target critical sectors of Iran's economy, including petrochemicals, energy and finance.

The exit drew swift criticism from the deal's other signatories, including US allies in Europe who'd tried for weeks to convince Trump to remain on board and said they plan to keep their commitment to the deal.

Iranian Foreign Minister Mohammad Javad Zarif has met with European Union foreign policy chief Federica Mogherini as the Europeans seek to keep the Iran nuclear agreement.

A number of European companies, including Airbus, Siemens and Total, had established operations in Iran since the signing of the deal.

Several Irish firms began trading with Iran, the Middle East's second-largest economy, in the wake of the 2015 deal to control Tehran's nuclear ambitions, which led to the lifting of long-standing worldwide sanctions and the resumption of formal trade ties with several European countries. On January 16, 2016, the parties to the deal announced beginning of its implementation. Kerry has suggested that the United States leaving the JCPOA would lead Kim Jong Un to conclude that any agreement reached with a U.S. president could be thrown out by his successor.

"At this moment, our trading activity is business as usual", said Marta Llorente, a spokeswoman for Spanish oil company Cepsa, one of Iran's customers in Europe.

Oil prices edged up on Thursday as investors saw global oil supply declining.

"French President Emmanuel Macron called Trump to express his concerns over rising tensions in the Middle East region after US" decision to pull out from the JCPOA accord.

Foreign companies that do business in the country have also been banned from accessing American banking and financial systems.

Iran's Supreme Leader Ayatollah Ali Khamenei has called the USA withdrawal "impudent" and "worthless".

"Now, even though hardline critics of the government say they support the president, they are predicting that this will shake the foundation of Rouhani's cabinet", added Basravi.

"We could have pushed the Europeans a lot harder, to work with us", Gates said on "Face the Nation".

The EU has said it will stick to the deal as long as Iran does, but the Islamic republic has warned it is ready to resume "industrial-scale" uranium enrichment if it is not satisfied.