E.U. leaders struggle to save Iran economic ties from U.S. sanctions

By REUTERS
May 17, 2018 01:18
1 minute read.
Breaking news

Breaking news. (photo credit: JPOST STAFF)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later



SOFIA - European Union leaders agreed on Wednesday to try to keep the Iran nuclear deal alive and maintain their reviving economic cooperation with Tehran after U.S. President Donald Trump withdrew from the pact.



But the 28 EU leaders did not make any quick decisions during their first meeting on the matter since Trump quit the accord earlier this month, highlighting how U.S. clout in international trade and finance limits the Europeans' scope for action.



That was quickly brought home by the French energy giant Total which joined other European companies in signaling on Wednesday they could exit Iran.



"As long as Iran respects the provisions of the deal, the EU will also respect it," said Donald Tusk, president of the European Council and chairman of the leaders' gathering in the Bulgarian capital Sofia.



The leaders of Britain, France and Germany briefed their peers. The three countries were EU signatories of the 2015 deal that gave Iran sanctions relief in exchange for curbing its nuclear program but which Trump dismissed as "the worst deal ever."



The head of the bloc's executive, Jean-Claude Juncker of the European Commission, has also presented options the leaders have to shield European investments in Iran and the slowly reviving economic cooperation, which many EU states hope to benefit from.



An EU source said after the talks the leaders agreed to start "work to protect European companies negatively affected by the U.S. decision."



Options include allowing the European Investment Bank to invest there and coordinating euro-denominated credit lines from EU states.



Foreign ministers of Germany, France and Britain met their Iranian counterpart in Brussels on Tuesday and tasked their experts to come up with measures for a meeting of their deputies in Vienna next week.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
October 20, 2018
U.S. considers new option to send warships through the Taiwan Strait

By REUTERS