EU, Iran set financial 'vehicle' to ease trade between them

EU, Iran set financial 'vehicle' to ease trade between them

The crux of the 2015 nuclear deal, negotiated over nearly two years by the administration of former U.S. President Barack Obama, was that Iran would restrain its nuclear programme in return for the relaxation of sanctions that had crippled its economy.

On the opening day of the General Assembly debate, Trump and Hassan Rouhani are to take their turns at the podium four months after the U.S. president ditched the Iran nuclear deal.

As a private citizen, Bolton had advocated supporting Iran's armed opposition, a position reiterated recently by former NY mayor Rudy Giuliani, who serves as Trump's personal lawyer.

The EU will create new payment channels to preserve oil and other business deals with Iran, Federica Mogherini, the bloc's foreign policy chief said late on Monday, in a bid to evade U.S. punitive measures. "I am sure he is an absolutely lovely man!" he said. On Thursday, Trump called on OPEC to lower prices, after benchmark Brent oil reached $80 a barrel, mainly stemming from a decline in exports from Iran, because of fresh US sanctions.

Iran and the European Union announced their defiance towards US President Donald Trump's administration after high-level talks at the United Nations among the remaining members of the accord.

Rouhani earlier said that as a precondition for any dialogue, Trump would need to fix the damage done by exiting the nuclear deal.

Trump tweeted that he has rebuffed requests to meet with Iranian President Hassan Rouhani.

More news: Tiger Woods wins first tournament in 1,876 days

Quashing the current pact would come at a political cost for the Iranian president, who championed the deal with the supreme leader's guarded backing and who could lose support from European allies.

The parties said the new mechanism was created to facilitate payments related to Iranian exports, including oil. Russia, China, and Islamic countries were where the future of world power lies, Velayati said.

Why it matters: The 2015 Joint Comprehensive Plan of Action (JCPOA) promised Iran economic benefits in exchange for curtailing its nuclear program.

The United Kingdom, France, and Germany have signed an agreement with Russian Federation and China to circumvent US sanctions on Iran.

German Foreign Minister Heiko Maas, following a meeting on Monday with Britain, China, France, Germany, Russia and Iran in NY, warned that the US strategy of applying maximum pressure on Tehran and going it alone could risk a regional escalation.

The idea is to circumvent US sanctions due to be restored in November under which Washington can cut off from the USA financial system any bank that facilitates an oil transaction with Iran.

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