Russia, China, UK, others, support Iran nuclear deal

Rouhani: US Threat to Stop Iranian Oil Exports 'Empty Promise'

EU announces legal entity to maintain business with Iran

The remaining parties to the Iran nuclear deal on Monday agreed to keep working to maintain trade with Tehran despite skepticism this is possible as US sanctions to choke off Iranian oil sales resume in November. It lifted economic sanctions on Tehran in exchange for curbs on its nuclear programme. Iran denies seeking nuclear weapons.

EU High Representative Frederica Mogherini announced earlier this week after a meeting of EU member states that the European Union will set up a legal entity enabling legitimate financial transaction with Iran that would bypass USA sanctions.

And Mr Trump's tough new sanctions on Iran's oil exports have the potential to jeopardise the Iran nuclear deal, which is hanging on by a thread, according to worldwide relations expert Dr Moritz Pieper.

U.S. Secretary of State Mike Pompeo also criticized the European Union plan for continuing transactions with Iran.

Mogherini's remarks come as the EU's SPV plan has outraged the U.S. officials.

She said that the remaining members of the so-called Joint Comprehensive Plan of Action - Britain, China, France, Germany and Russian Federation - would also maintain their commitments to support Iran on civilian nuclear energy.

Pompeo responded on stage, saying: "This is the second time I've had someone interrupt a speech on this topic, and I've reminded them all that it would be a wonderful thing if they could protest like that in the country of Iran".

Rouhani said Iran will continue working with countries that support the nuclear deal.

"Unfortunately the current disagreement over approach is not helpful and it is giving Iran a sort of lifeline and hope that it can skirt the various concerns that everyone has about Iran", Gargash said. But the scheduled session carries an air of uncertainty, with the White House sending conflicting signals about whether Trump will focus specifically on Iran's violations of global law or more generally on the proliferation of weapons of mass destruction.

This time a year ago, to buy one American dollar cost you 38,000 Iranian riyals.

"We need to build together a long-term strategy to manage the crisis that can not be reduced to a policy of sanctions and containment of Iran", said Mr Macron.

Trump pulled out of the agreement in May, describing it as a "disaster" and quickly moving to reimpose sanctions on Iran.

The president stated that the Islamic Republic of Iran, according to the IAEA reports, has adhered to and fulfilled all its obligations, adding, "In multilateral agreements, living up to commitments by both sides must be in balance".

Trump and Israeli Prime Minister Benjamin Netanyahu are also scheduled to meet Wednesday to discuss Iran's presence in Syria.

While economic mismanagement by Iranian leaders has also contributed to the country's current financial problems, the steep decline in the value of Iran's currency in the last 12 months tells us something else.

Latest News