Iran files suit in international court against U.S….

Iran files suit in international court against U.S….

European Union measures to try to compensate for the impact of US sanctions and guarantee Iranian oil revenue include EIB lending, a measure to shield European Union companies from USA secondary sanctions, state-backed export guarantees and a plan that European Union governments make direct money transfers to Iran's central bank.

US President Donald Trump in early May unilaterally withdrew Washington from the multilateral nuclear deal that since early 2016 had shielded Iran from crippling sanctions and announced that Tehran would face the highest-level sanctions in a policy created to force the Iranians to the table to renegotiate the accord-although some observers claim Trump has an eye on causing enough economic havoc in Iran to prompt regime change.

Three weeks ago the foreign minister of Turkey said that Iran is a good neighbour of Turkey and the two nations share good economic ties.

The first tranche of USA sanctions will be re-imposed on Iran in August and the rest of it will be live by November this year.

Trump's decision was sharply opposed by Iran and the deal's other signatories - Britain, France, Germany, Russia, and China.

"In 2017, bilateral trade grew by 19 percent in comparison to 2016 and amounted to $37.1 billion", Gao Feng, the ministry's spokesman, said at a briefing, commenting on Iran's complaint against the United States to the International Court of Justice (ICJ). The first round of United States sanctions on Iran goes into effect in August, followed by ones targeting Iran's oil exports in November.

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"From a commercial perspective, European multi-nationals such as the French Energy company Total, have little prospect of continuing business with Iran unless specific exemptions are provided by the U.S. Treasury", Ellie Geranmayeh, who advised EU governments and corporations during the nuclear negotiations with Iran, explained to The Media Line.

The EIB does not want to invest in Iran.

"PSA made its decision with regard to the new US sanctions, in order to be in conformity with American regulations", a company spokesman said on Wednesday. Mohammad Javad Zarif told Euronews that the Europe - given its view that the deal's collapse would heighten tension in the Middle East - should do more.

On Tuesday, EU foreign policy chief Federica Mogherini said European countries have implemented the blocking statute, which had been activated back in May. But it says there is nothing to be gained from pulling out of a deal that placed limits on its nuclear fuel production and with which Tehran is complying. The US then urged all its allies to cease importing oil from Iran by November.

"We have to take note of the fact that we would risk the business model of the bank if we were active in Iran".

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