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3:18, 16 July 2018

Iran nuclear deal: US rejects EU plea for sanctions exemption

Iran nuclear deal: US rejects EU plea for sanctions exemption

The US has rebuffed higher-level pleas from the European Union to grant exemptions to European firms from its sanctions against Iran.

In a letter to European nations, Secretary of State Mike Pompeo stated the US rejected the appeal due to the fact it desires to exert maximum stress on Iran.

It said exemptions would only be made if they benefited US national safety.

The EU fears that billions of dollars’ worth of trade could be jeopardised as a result of Washington’s new sanctions.

“We will seek to supply unprecedented financial pressure on the Iranian regime,” the letter, which was also signed by Treasury Secretary Steven Mnuchin, mentioned, according to NBC news.

It added that the US is “not in a position to make exceptions to this policy except in quite distinct situations”.

The strict sanctions were imposed in May following President Donald Trump withdrew from the 2015 international agreement on Iran’s nuclear programme.

The US withdrawal meant sanctions that had been in place prior to the agreement have been re-imposed.

Its opposition to the deal is at odds with that of France, Germany and the UK, which have pledged their commitment to it.

Some of Europe’s biggest firms rushed to do enterprise with Iran following the nuclear deal took impact three years ago.

In 2017, EU exports to Iran (goods and solutions) totalled &euro10.8bn (&pound9.5bn $12.9bn), and imports from Iran to the bloc were worth &euro10.1bn. The worth of imports was practically double the 2016 figure.

Now, European firms are worried that their ties with the US could be broken if they continue undertaking Iranian deals.

But earlier this year, the EU started reviving legislation that it stated would enable its firms to continue carrying out organization with Iran.

The so-referred to as “blocking statute” was introduced in 1996 to circumvent US sanctions on Cuba but was in no way used.

An updated version of the measure must be in force ahead of six August, when the initial sanctions take effect.

Published at Sun, 15 Jul 2018 23:20:11 +0000

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