Secretary of State says 'hopeful' US, Europe can strike deal over Iran

French Foreign Minister Jean-Yves Le Drian said European companies should not have to pay for the U.S. decision, BBC reports.

US President Donald Trump on 8 May announced that the United States was withdrawing from the 2015 deal negotiated by the Obama administration.

We are going to work to stop that, ” he said. Without access to foreign markets, the deal will essentially be over. Hostilities between Iran and Israel have already escalated in recent days.

Macron said on April 25 that "I think we are. work [ing] towards a [new] deal, an overall deal that will enable us to deal with the nuclear issue, but also treat it together with other issues which are not being dealt with so far" that Trump has expressed dismay over.

They called on the USA not to prohibit the future success of the deal, despite its withdrawal. The grouping includes Kazakhstan, Belarus, Armenia and Kyrgyzstan.

However, he added the US "sanctions regime that is now in place is very clear about what the requirements are", hinting that Washington is prepared to go after European companies and allies if they try to continue to do business with Iran.

German Foreign Minister Heiko Maas said of EU-US relations: "We are prepared to talk... but also to fight for our positions where necessary".

"This deal is not a bilateral treaty". Le Maire said he would meet with German and British finance ministers at the end of the month to discuss these proposals.

She called for calm on all sides.

Europe's options, however, are limited. After years of crippling economic sanctions, the deal opened Iran to business with the United States and Europe, and companies around the world began doing business in Iran.

With regard to oil prices and fundamentals, most analysts agree that the gravity of the effect USA sanctions against Iran will have is questionable.

Planemakers Airbus and Boeing, oil companies and auto manufacturers like France's Renault and Peugeot could be among companies hardest hit.

Finance ministers in France and Germany pushed Treasury Secretary Steven Mnuchin to grant extensions or waivers to businesses that made lucrative deals with Tehran in the period that sanctions were lifted.

However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for.

A deepening transatlantic rift as "flattery" fails to sway Donald Trump has left Europeans in search of new answers, including closer dealings with Russian Federation that only recently would have been unpalatable, analysts say.

"The consequences of American sanctions go well beyond goods shipped by American companies", Bolton said. In the 1990s, significant disagreements surfaced when Washington adopted legislation - including the Iran and Libya Sanctions Act (ILSA) - which punished European firms for doing business in those countries.

Meanwhile, the USA government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.

  • Joey Payne