Sunday, 19 August, 2018

Donald Trump exit from nuke deal won't affect oil industry, says Iran

Saudi Arabia ready to support oil market after US pullout from Iran deal Washington's Plan for a Nuclear Agreement with Saudi Arabia May Be in Jeopardy
Jean Garcia | 14 May, 2018, 03:51

Meanwhile, European Union foreign policy chief Federica Mogherini has reaffirmed the 28-nation bloc's determination to make sure the Iran nuclear agreement is respected despite the USA president's decision to abandon it.

"In this highly tense situation, we've now poured gasoline on the fire by removing the Iran nuclear deal, which provided some semblance of constraint", said Bruce Riedel, a former CIA officer who now directs the Intelligence Project at the Brookings Institution. The Iranians are extremely cautious. If Trump wants to try to negotiate that kind of deal anyway, it is not necessary to terminate the nuclear treaty in order to do so. Currently, the White House has opted to exercise some degree of restraint. "The answer could lie in unmeasured remarks by some Iranian officials that Iran will stay in JCPOA even if the U.S. walks out of it". And that was while the United States had lifted sanctions. It has imposed travel and business restrictions on six people and three companies with ties to Iran's Revolutionary Guard Corps (IRGC) for "malign actions". "The answer is no", Le Maire told reporters in Paris, adding that France won't accept the "vassalization of Europe" by US officials bent on reimposing sanctions on Iran.

On the bullish side of the coin, the US plans to re-impose sanctions against Iran, which produces around 4 percent of global oil supplies. It is hoped that Iran will not be deceived by European countries and stay in the pact.

Has Trump burnt all the bridges on JCPOA? When he left the Paris Accord, it was crystal clear that he didn't intend to renegotiate. "We will have to discuss that with Iran".

Donald Trump has taken a maximalist position. However, the current level of the dispute is politically too charged for the mechanism to be of good use.

Iranians shout slogans during a protest against President Donald Trump's decision to walk out of a 2015 nuclear deal, in Tehran, Iran, May 11, 2018. Unless the European signatories to the deal and the US Congress addressed his concerns, he plans to withdraw on the next deadline for waiving sanctions.

US First Side to Lose after Iran Deal Withdrawal: Erdogan
On Tuesday, Trump announced he would be reimposing sanctions on Iran , which Iran pointed out are illegal and against United Nations Security Council resolutions.

Curbs on any transactions with Iranian banks and financial institutions.

In other words, Europeans say the USA who has abandoned its end of the bargain can reap benefits under the deal, he noted.

"Pyongyang likely sees the decision as proof the United States cannot be trusted - that any deal reached with one president can be discarded by the next", said Ivo Daalder, president of the Chicago Council on Global Affairs. It asked Europe's Airbus plane manufacturer to announce whether it will go ahead with a deal to sell Iran dozens of passenger planes following the USA pullout. In such an event, Washington can trigger snap back clause of JCPOA, automatically imposing the pre-2015 UNSC sanctions.

Both leaders made humiliating pilgrimages to Washington to beg Trump to stick with the Iran deal, only to see him withdraw - and on the eve of "Europe Day", a public holiday for the European Union institutions. "The Iran deal did not do that". The Kremlin said that Russian Federation and its ex-Soviet allies in the European Economic Union will sign a free-trade pact with Iran next week.

"The Prime Minister raised the potential impact of U.S. sanctions on those firms which are now conducting business in Iran". It's time for the reality check that America might have lost political space or opted for slow strategic retreat but it still maintains decisive power over the financial transactions and institutions like the World Bank and International Monetary Fund.

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