Europes offer to save Iran nuclear deal insufficient: Rouhani tells Macron

Posted July 09, 2018

Germany's foreign minister said on Friday world powers would not be able to fully compensate for companies leaving Iran due to new us sanctions, but warned Tehran that abandoning its nuclear deal would cause more harm to its economy.

Tehran's top diplomat Mohammad Javad Zarif praised them for their "will to resist" USA pressure, two months after President Donald Trump walked away from the landmark accord.

Foreign ministers from Britain, China, France, Germany and Russian Federation meet with their Iranian counterpart in Vienna for the first time since Trump left the pact, but diplomats see limited scope for salvaging it.

The Iranian president highlighted the problems that Washington's unilateral withdrawal from the JCPOA has created for the European companies involved in Iranian projects.

Iranian President Hassan Rouhani had Tuesday labeled the US push to cut Iran's oil production to zero "a baseless fantasy" and an attempt to drive "imperialist policy in flagrant violation of worldwide law".

The Iranian President, Hassan Rohani, believes that the entirety of measures offered by the Europeans, to compensate for the effects of the United States government's withdrawal from Iran's worldwide nuclear programme, have not to date proven satisfactory.

The five powers said they are committed to keeping economic, financial and transport channels open with Iran.

The meeting is to be held on Friday under presidency of Mogherini.

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"The participants will work (.) with global partners in order to encourage them to follow the same policies and to establish similar mechanisms in their economic relations with Iran", she told reporters.

"EU is in the process of updating the EU "Blocking Statute" in order to protect EU Member States' companies and of updating the European Investment Bank's external lending mandate to cover Iran", the statement noted.

On arrival in Vienna, Germany's Foreign Minister Heiko Mass said he didn't expect a collapse of talks, but suggested more negotiations would be needed in the future.

He added, however, that Europe had only made pledges so far.

Rouhani, who signed the nuclear deal, has been attacked at home by ultra-conservatives, who have denounced his willingness to talk to the West and accused him of hurting the economy.

Since US President Donald Trump s shock move in May, which dismayed all other signatories, Washington has warned other countries to end trade and investment in Iran and stop buying its oil from early November or face punitive measures. Several major firms - including France's Total and Peugeot, and Russia's Lukoil - have said they are preparing to leave.

The foreign ministers' meeting on the Iran nuclear issue on Friday would send a clear signal of solidarity to maintain and implement the Iran nuclear deal reached between Iran and world powers in 2015, according to Chinese State Councilor and Foreign Minister Wang Yi. The rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.

Maas told reporters that it's not possible to compensate all the losses of Iran because of the companies leaving Iran out of fear to lose the business with America.