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| EU foreign policy chief Federica Mogherini (r), speaking alongside Iranian Foreign Minister Mohammad Javad Zarif (l), said a new payment system would be set up to allow oil companies and businesses to continue trading with Iran (AFP Photo/Stéphanie LECOCQ) |
United Nations (United States) (AFP) -
The European Union said Monday its members would set up a payment system to
allow oil companies and businesses to continue trading with Iran in a bid to
evade sanctions after the US withdrew from a nuclear agreement.
Iran and the European Union announced
their defiance towards US President Donald Trump's administration after
high-level talks at the United Nations among the remaining members of the
accord.
The countries said in a statement that
they were determined "to protect the freedom of their economic operators
to pursue legitimate business with Iran."
With the United States and the dollar
dominating so much of global trade, the statement said the new mechanism would
"facilitate payments related to Iran's exports (including oil) and imports,
which will assist and reassure economic operators pursuing legitimate business
with Iran."
EU foreign policy chief Federica
Mogherini, speaking at the United Nations alongside Iranian Foreign Minister
Mohammad Javad Zarif, said the countries were still working out the technical
details.
"In practical terms, this will mean
that EU member states will set up a legal entity to facilitate legitimate
financial transactions with Iran and this will allow European companies to
continue to trade with Iran in accordance with European Union law and could be
open to other partners in the world," she told reporters.
She said that the remaining members of
the so-called Joint Comprehensive Plan of Action -- Britain, China, France,
Germany and Russia -- would also maintain their commitments to support Iran on
civilian nuclear energy.
"The participants recalled that
these initiatives are aimed at preserving the JCPOA, which is in the
international interest," she said.
Pressure on Iranian economy
In line with findings of UN inspectors,
Mogherini reiterated that Iran has been in compliance with the nuclear
agreement -- under which Tehran drastically scaled back its nuclear program in
exchange for relief from sanctions.
The agreement was sealed in 2015 in a
signature achievement for then US president Barack Obama.
Trump pulled out of the agreement in
May, describing it as a "disaster" and quickly moving to reimpose
sanctions on Iran.
Despite the protests of the European
Union, a number of business 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 US sanctions.
With Iran's economy already feeling the
pinch, US national security adviser John Bolton earlier Monday vowed to impose
"maximum pressure" on Tehran, while insisting that Washington was not
pushing for regime change.
US Arab allies Saudi Arabia and the United
Arab Emirates as well as Israel have long sought for Washington to work to
curtail non-Arab and predominantly Shiite Muslim Iran's influence in the Middle
East, including in war-torn Syria.
The EU move comes a day before Trump and
Iranian President Hassan Rouhani separately address the UN General Assembly,
with the US leader expected to take a hard line on Iran.
#UPDATE European Union says members will set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions https://t.co/nRjgZ4hKty pic.twitter.com/YToLkgOZph— AFP news agency (@AFP) September 25, 2018
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