Europe to ditch U.S. dollar in payments for Iranian oil

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Europe to ditch U.S. dollar in payments for Iranian oil

The bloc is reportedly planning to maintain and deepen economic ties with Iran, including in the area of oil and gas supplies.

Following talks with his Chinese counterpart, Wang Yi, Mr Zarid said: "We hope that with this visit to China and other countries we will be able to construct a clear future design for the comprehensive agreement".

Mohammad Javad Zarif, Iran's foreign minister, said collaboration with the European Union was on the right track. In addition, while Congress is likely to renew strong sanctions against the regime, there remain myriad individuals, organizations, and affiliates acting on behalf of Tehran that are engaged in dubious financial transactions, illicit purchases, weapons shipments, corruption, bribery, human rights abuses, and suppression that require additional scrutiny and need to be targeted by us officials.

Just last week, an entire city square near the new U.S. Embassy in Jerusalem was named after Mr. Trump.

"Of course, Americans would like the whole world to think this way and when the world doesn't think this way, they take some angry actions such as sanctioning the head of the central bank without any reason", Zarif said.

Later on Tuesday, it was reported that the European Union is planning to rescue the deal post the U.S. withdrawal from the worldwide treaty.

Iran has shown its readiness to withdraw from the nuclear accord if it receives no economic benefits.

Germany has acknowledged it could be hard to protect companies doing business with Iran as the U.S. tightens the screws.

The landmark 2015 agreement was meant to stop Iran from developing nuclear weapons in exchange for the lifting of economic sanctions.

Britain's Foreign Secretary Boris Johnson, German Foreign Minister Heiko Maas and French Foreign Minister Jean-Yves Le Drian take part in meeting with Iran's Foreign Minister Mohammad Javad Zarif in Brussels, Belgium, May 15, 2018.

In the spotlight are both the national leaders and the European Commission, expected to provide a general direction of what Europe intends to do and a response to the possible United States sanctions.

Iran's main oil clients in Europe are Italy, France, Greece, Spain, Poland and Turkey.

The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating USA dollar transactions, a diplomatic source told RIA Novosti. Has it reassessed the potential pain of new sanctions, especially if the European Union decreases trade because it, too, will feel the pain from doing business with Iran? They remain deeply dependent on the United States for security guarantees against Russian Federation - something Trump has grumbled about - and are in the middle of negotiations over an exemption to new USA tariffs on steel and aluminum.

"The question now is whether Israel and the U.S. are acting in concert, with Washington applying the economic pressure through sanctions and Israel the military pressure through airstrikes".

Talks to salvage the Iran nuclear deal have made a "positive start", the country's foreign minister has said, despite fresh sanctions imposed by the US.

According to the Washington Free Beacon, the administration's strategy "deemphasizes U.S. military intervention, instead focusing on a series of moves to embolden an Iranian population that has increasingly grown angry at the ruling regime". Analysts say Kerry is blurring the line between legitimate advocacy and illegitimate efforts to sabotage the actions of a sitting US government.

Germany, the United Kingdom, and France have significant trade links with Iran and remain committed to the nuclear agreement.

The European Commission discussed possible ways to preserve the 2015 nuclear accord and EU leaders will continue the discussion at a dinner in Bulgaria, Avramopoulos said. But senior Iranian official Ali Akbar Velayati said in Tehran that Iran's defensive missile programme was not negotiable.

The Trump administration has announced that it will be reimposing sanctions on Iran and is seeking to prevent companies around the world from doing business there.

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