World prepares for U.S. sanctions on Iran

World prepares for U.S. sanctions on Iran

World prepares for U.S. sanctions on Iran

In one of a series of meetings, foreign ministers from Britain, France, and Germany _ signatories of the 2015 deal to stop Iran developing nuclear weapons _ were to hold talks with Iranian Foreign Minister Mohammad Javad Zarif, amid concerns that the sanctions will also damage European business interests.

There was no press conference following the Lavrov-Zarif talks in Moscow.

French Finance Minister Bruno Le Maire said Friday on Europe-1 radio that Europe should not accept that the the "world's economic policeman".

Said Iran's Zarif: "We are on the right track".

The Joint Comprehensive Plan of Action (JCPOA), known as the deal on Iran's nuclear program, was signed between Iran and six global mediators (the United Kingdom, Germany, China, Russia, the United States, and France) on July 14, 2015.

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Iran's nuclear chief Ali Akbar Salehi was quoted by Fars news agency as saying he was not optimistic on the prospects of the talks with the Europeans.

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 global sanctions and the resumption of formal trade ties with several European countries.

Iran's ambassador to New Zealand Jalaladdin Namini Mianji told Morning Report New Zealand companies would risk losing trade deals if the country adhered to US President Donald Trump's threat of imposing sanctions.

The steps forward underscored the EU's hopes that diplomacy and the promise of economic benefits might keep Iran in the fold of a nuclear deal that Europe sees as essential to security. Mogherini, who chaired the final stretch of 12 years of negotiations to clinch the accord, said: "We will all save it together".

"Russia's position is encouraging for us".

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"It's quite possible that surging USA shale production could easily fill the gap left by Iran", Eberhart said.

Iran said it would remain committed to the deal without Washington if Tehran achieved its goals - namely being protected from sanctions against key sectors of its economy such as oil - in cooperation with other countries that have signed up to the agreement. Annulment of the accord could tip the balance of power in favour of hardliners looking to constrain pragmatist President Hassan Rouhani's ability to open up to the West. The same may be said of another key United States policy - Mr Trump's economic protectionism. European diplomats acknowledged that the EU support, however honest, risked looking hollow after Trump reimposed an array of wide sanctions last week on Iran that will hit European companies investing there. At the time of writing, Brent crude futures peaked at 3.5-year highs on the back of Trump's decision, meaning that the oil bulls have good reason for optimism at least in the short-term.

When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible".

"What we are going to do tomorrow in Brussels is we are going to have a conversation about what we can do to help United Kingdom firms, European firms have some confidence that they can still do business", Johnson said. Indeed, in another side of the cold trade war, China may already be stockpiling oil in anticipation of U.S. tariffs on the commodity.

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