Europe Moves To Safeguard Interests In Iran After U.S. Pullout

Europe’s heavyweight economies took steps on Friday to safeguard their interests in Iran, seeking to keep the nuclear deal with Tehran alive after Washington pulled out and said sanctions would follow. Germany and France have significant trade links with Iran and remain committed to the nuclear agreement, as does Britain, and the three countries’ foreign ministers plan to meet on Tuesday to discuss it. That is part of a flurry of diplomatic activity following Tuesday’s unilateral withdrawal from what U.S. President Donald Trump called “a horrible, one-sided deal”, a move accompanied by the threat of penalties against any foreign firms doing business in Iran.German Chancellor Angela Merkel said ways to save the deal without Washington needed to be discussed with Tehran, while France’s Finance Minister Bruno Le Maire said EU states would propose sanctions-blocking measures to the European Commission. Without any doubt this is strongest reaction of allies on U.S. withdrawal from Iran Deal.

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Expected reaction...For example: French exports to Iran doubled to 1.5 billion euros ($1.79 billion) last year, driven by sales of aircraft and automobile parts, according to customs data. Exports of German goods to Iran rose by around 400 million euros to 3 billion euros. Around 120 German firms have operations with their own staff in Iran, including Siemens (SIEGn.DE), and some 10,000 German companies trade with Iran...

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Obviously, EU and its individual signatories - France, Germany and the UK - wanna to prove political leadership and work together with the other signatories and Iran to keep the deal in place. I'm waiting for a new tweet..

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