Edition: Australia  
One News Page
“Probably the fastest-access news portal in the world”
> >

Europe Braces For End Of Iran Nuclear Deal

Zero Hedge Friday, 13 October 2017 ()
Europe Braces For End Of Iran Nuclear DealAuthored by Damir Kaletovic vias OilPrice.com,

Europe is scrambling to come up with a contingency plan in the face of a U.S. threat to end the nuclear deal with Iran - *a move that lends a high level of uncertainty to European megadeals*, including French Total SA’s $5-billion oil deal with Tehran.

At stake if Trump refuses to certify Tehran’s compliance with the nuclear accord on 15 October and sanctions are re-imposed are *deals with European companies worth over $55 billion in total, according to figures from the Financial Times.*

If Trump refuses certification on 15 October, *Congress would then have 60 days to make a decision on new sanctions,* *giving Europe two months tome come up with a contingency plan. *

*Right now, there isn’t one.*

“People in Brussels are looking at whether blocking statutes need to be upgraded or updated,” David O’Sullivan, EU ambassador to the US, told the Financial Times on Thursday.

*“There’s no definitive plan yet. But if the US were to do something which impinged on the ability of Europeans to do what we could consider legitimate business with Iran, this is something we would like to look at.”*

Earlier in October, the French oil giant shrugged off the US sanctions threat, with Total CEO Patrick Pouyanne telling media,

*“We knew when we signed that it will not be an easy road. But I prefer to have a problem to solve and to have the opportunity rather than having not signed [and] no opportunities.”*

Total signed its deal with Iran in July, making recent history. This was the first deal Iran signed with a foreign energy company since sanctions were lifted in January 2016.

The $4.8-billion deal is to develop Iran’s prolific South Pars natural gas field—the largest gas field in the world, shared with Qatar. Total would lead the consortium.

*Iran was the European Union’s top trading partner before sanctions were slapped on Tehran in 2010.*

Since sanctions were lifted, trade has still been hampered due to some U.S. financial sanctions that make Western banking institutions still wary of doing business with Iran.

*Europe’s options are limited as it seeks a contingency plan. *According to analysts interviewed by the Financial Times, one option could be an effort to block legislation related to a new imposition of sanctions by the US, but this would be a complicated “by the international reach of U.S. laws on financial transactions”. 

Trump is expected to have a decision on the nuclear deal this afternoon.
Share on
Share on
Post on 
Share by
Source: Wochit News - < > Embed

News video: Iran Foreign Minister Plans to Respond to Trump Moves

Iran Foreign Minister Plans to Respond to Trump Moves 00:40

On Wednesday, Foreign Minister Mohammad Zarif told the Iranian parliament, that Iran will react sharply to any US move against the nuclear deal with global powers. The latest comments shows Iran's discontent with U.S. President Donald Trump decision to harden policy towards Tehran this week. Trump is...

You Might Like

Recent related news

Iran Nuclear Deal Is Not Renegotiable, Iran's Ambassador To The U.N. Says

Steve Inskeep talks to Iran's ambassador to the U.N. Gholamali Khoshroo, who says the nuclear deal his country signed cannot be renegotiated, despite President...
NPR - Middle East

US should keep Iran nuclear deal: Bishop

Foreign Minister Julie Bishop has made the case to the US that the nuclear deal with Iran should remain.
SBS - ScienceAlso reported by •Seattle TimesFOXNews.comEurasia ReviewThe Age

Donald Trump's decision on Iran deal 'disastrous': top US negotiator

By challenging the nuclear deal with Iran, Donald Trump is jeopardising any chance of dialogue over North Korea's nuclear program, according to a top US...
Sydney Morning Herald - Front Page

Other recent news in Markets

SENATE Passes 2018 Budget Paving Way For $1.5 Trillion In Tax Cuts, Sending Yields, Dollar Sharply HigherSwitzerland Awards First AML/KYC Licence To BITCOIN Company
Did Money Talk: EUROPE’s "Real Boss" Now Expects Progress On Brexit By DecemberGENERAL ELECTRIC Plunges 5% After Slashing Earnings Guidance
DAX Rises As US SENATE PASSES BudgetBrexit and CATALONIA talks loom over markets  
Meet NEW ZEALAND’s New Prime Minister As Kiwi TumblesVLADIMIR PUTIN: "Don't Back North Korea Into A Corner"
Euro Climbs Despite CATALONIA CRISISTwo Day Planning, Forecasting and Budgeting Course (London, UNITED KINGDOM - June 7th-8th, 2018) - Research and Markets


Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+