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

In May, Trump pulled out of the global nuclear deal with Iran and announced sanctions against the OPEC member.

US President Donald Trump chose to withdraw from the pact in May and restore economic sanctions on Iran, including those created to force major oil customers to stop buying Iranian crude.

The EU has so far failed to set up a functioning legal framework to protect its companies from U.S. sanctions.

"Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a Special Purpose Vehicle (SPV) to facilitate payments related to Iran's exports, including oil", Britain, China, France, Germany, Russia and Iran said in a joint statement.

The Trump administration withdrew from the Iran nuclear agreement earlier this year and imposed sanctions on businesses dealing with Tehran.

The joint statement said the six countries that signed the 2015 nuclear agreement "reconfirmed their commitment to its full and effective implementation in good faith and in a constructive atmosphere".

"Iran has good arguments and good reasons to remain in the agreement. the more operational decisions we will manage to take and. implement, I believe the more Iran will have reasons to do", she added.

The US administration reintroduced the previous sanctions while imposing new ones on the Islamic Republic.

In May, President Donald Trump announced that the US would be pulling out of the Joint Comprehensive Plan of Action (also known as the Iran nuclear deal), which had been negotiated by the Obama administration.

Trump's declaration came as a top adviser to Iran's Supreme Leader Ayatollah Ali Khamenei also brushed off the possibility of the USA president meeting with his country's representatives for talks.

The website of Iran's oil ministry, Shana.ir, quotes Bijan Zangeneh as saying the "US dream of getting Iran's oil exports (effectively) to zero won't come true".

Meanwhile, the EU has vowed to stick with the deal and updated legislation to protect European companies from future sanctions.

Despite the protests of the European Union, a number of businesses including French energy giant Total and carmakers Peugeot and Renault as well as Germany's Siemens and Daimler have already suspended operations in Iran for fear of triggering United States sanctions.

"The key is to keep all possibilities open so that we can signal to the Iranians that the door isn't closing", said a senior French diplomat.

"There will be no involvement of commercial banks and central banks, both of whom are terrified at the prospect of United States retribution if they are seen to be going against USA sanctions". At the same time all external auditors have found that Iran has been complying with the agreement.

  • Rogelio Becker