Technology

World powers back Iran oil exports

Iran’s remaining partners in the 2015 nuclear deal which aimed at stopping Iran from building the atomic bomb in return for sanctions relief that promised greater trade and investment has vowed to keep Iran plugged into the global economy despite the U.S sanctions threat.

The accord signed three years ago, in Vienna, Austria agreed on an 11-point list of joint goals.

Iranian President, Hassan Rouhani met with with Foreign Ministers from three European nations along Russia and China to offer economic benefits and assurances that would lessen the blow of sweeping US sanctions, two months after President Donald Trump walked away from the landmark nuclear deal.

They said they remained committed to the 2015 accord and to building up economic relations with Iran, including the continuation of Iran’s export of oil and gas and other energy products.

In the joint statement, Iran’s Mohammad Javad Zarif and other top diplomats reaffirmed their commitment to the deal and its economic dividends for Iran, which has suffered worsening financial turbulence since Trump abandoned the accord.

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 thea protection of companies from the extraterritorial effects of US sanctions.

These initiatives are aimed at preserving the nuclear deal which is in the security interest of all, said the joint statement read out by EU Foreign Policy chief Federica Mogherini.

Iran’s President Hassan Rouhani had on Thursday told French President Emmanuel Macron by phone that the European offer of economic measures did not meet all our demands, Iran’s state news agency IRNA reported.

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.

German’s Foreign Minister Heiko Maas conceded that we won’t be able to compensate for all the effects of enterprises withdrawing from Iran because they see their American business interests threatened by the sanctions. After the withdrawal of the United States, which we can’t understand, we face a difficult situation.

He however stressed that we want to make clear to Iran that it will still gain economic benefits through this agreement.

Meanwhile, Iranians have complained that the hoped-for rise in foreign investment and trade after the deal has not materialised.

The U.S President, Donald Trump had in May 2018 slammed the nuclear accord signed under his predecessor Barack Obama as horrible and defective at its core, earning applause from Iran’s regional rivals Saudi Arabia and Israel.

Source: Voice of Nigeria