Iran upbeat on nuclear deal hopes after EU talks

Image
AFP Brussels
Last Updated : May 15 2018 | 6:45 PM IST

Iran's foreign minister said today that efforts to save the nuclear deal after the abrupt US withdrawal were "on the right track" as he began talks with European powers in Brussels.

Mohammad Javad Zarif met EU foreign policy chief Federica Mogherini ahead of evening talks with his counterparts from Britain, France and Germany -- the three European signatories to the 2015 landmark deal who are scrambling to preserve it.

Tehran has warned it is preparing to resume "industrial-scale" uranium enrichment "without any restrictions" unless Europe can provide solid guarantees that it can maintain the economic benefits it gained from the nuclear agreement despite the United States reimposing sanctions.

Zarif gave an upbeat assessment after a "good and constructive" meeting with Mogherini.

"I believe we're on the right track to move forward in order to ensure that interests of all the JCPOA remaining participants, particularly Iran, will be preserved and guaranteed," he told reporters. The deal's official name is the Joint Comprehensive Plan of Action, or JCPOA.

But European diplomats have sought to play down expectations of Tuesday's meeting, stressing the enormous challenge of finding a way around US sanctions punishing foreign businesses trading with Iran, which have global reach.

"There is no one magic solution -- there will be a complicated, comprehensive series of options at both the EU and national level, therefore it will take some time," a senior EU official said.

The European Union insists the deal is working, pointing to repeated UN inspections verifying the Islamic republic's compliance with its side of the bargain, and Mogherini's spokeswoman Maja Kocijancic told AFP ahead of Zarif's arrival that "we must do our utmost to preserve it".

EU leaders aim to show a united front on preserving the Iran deal when they meet for a pre-summit dinner in Sofia on Wednesday, officials said.

Mogherini and European Commission chief Jean-Claude Juncker will outline to the leaders what measures the bloc could take to shield its now substantial economic interests in Iran.

European firms, especially those from France and Germany, rushed to invest in Iran following the 2015 accord, under which Tehran agreed to freeze its nuclear programme in return for the repeal of punishing international sanctions.

German exports to Iran totalled nearly 3.0 billion euros in 2017, while French exports soared from 562 million euros in 2015 to 1.5 billion in 2017 and oil giant

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 15 2018 | 6:45 PM IST

Next Story