European Union top diplomats to follow through JCPOA

Iran deal Merkel cautious on compensation after US pullout

The group will meet again in Vienna next week at the level of deputy foreign ministers in a special format within the nuclear deal on Iran's request and without the United States, which abandoned the accord last week.

It came as the United States handed out new anti-terror sanctions on the head of Iran's central bank, barring anyone around the world from doing business with him.

The U.S. Treasury has put European businesses on notice that they have 90 days to wrap up most business with Iran before the renewed U.S. sanctions take effect, and U.S. leaders have been warning European companies to heed the sanctions. Since implementation of the JCPOA over the past 3 years, despite European governments' efforts major EU firms and financial entities have already refused to work with Iran due to irresponsible behavior of the United States administration and possible U.S. punishments.

The U.S. will restore the sanctions lifted by the deal in several months.

In her 2016 report, Berger concluded that the only answer to USA extraterritorial sanctions would be to sanction USA companies the same way. Other signatories to the JCPOA, however, criticized Trump's decision to unilaterally pull out. It would seem, that the Obama brokered deal was so one-sided that Iranians had to bribe officials to go along with it.

President Trump's decision has not gone down well within his country either.

Trump's withdrawal from the deal has imperiled not only the accord, but the threat of sanctions could trickle down to European companies doing business with Iran.

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European businesses with activity in Iran would also come under US sanctions against the Middle East country, and it remains to be seen if they would flout the USA directives against doing business in Iran. Moreover, each exemption will only last 180 days, meaning countries must substantially reduce their oil imports from Iran every six months in order to continue qualifying for the potential exemptions.

About 450,000 barrels per day of crude oil is exported by Iran to Europe, while another 1.8 million bpd or so is exported to Asia, according to Iran's Press TV. Roughly 120 German firms operate in Iran, and almost 10,000 German companies trade with Iran.

Mr. Trump desires neither that Iran resume its nuclear program nor to be at odds with the Europeans.

"It's pretty much the death penalty in that case for any business that wants to do business in the US or even have the capacity to clear USA dollar transactions", Keller said. But the United States is one of South Africa's biggest trading partners, putting the country in between a rock and a hard place.

"If we want to stay in this agreement and ensure that Iran stays in this agreement and abides to the terms of the agreement, then we need to talk about this", he said. "Whatever (is) decided should preserve and guarantee Iran's rights".

That translates to merely 3 to 6 cents added to the price of a gallon of gasoline, said Patrick DeHaan, head petroleum analyst at GasBuddy.

European Union overseas affairs chief Federica Mogherini stated the EU's three greatest states had "reaffirmed our resolve" to uphold the deal even with out America.

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