EU struggles to save Iran deal

Iran

PARIS, June 5, 2018 – France and other European countries are working hard to save the Iranian nuclear deal, even as Iran said it was preparing to up uranium enrichment capacities, international media reported on Tuesday.

“We must establish a financial mechanism which is immune to the dollar — so one which uses euros or is linked to other currencies — allowing us to make our companies working in Iran secure and also allowing Iran, which is remaining in the agreement, to ensure that its oil production, for example, can be exported,” said Jean-Yves Le Drian, France’s minister in charge of European and Foreign Affairs, cited by news agency UPI.

Spain’s Repsol has made orders for a first shipment of 500,000 barrels of West Karoun crude, braving the tensions, several other reports added. Iran’s crude exports for May hit a record high despite the threat of US sanctions, local news agency Press TV said, with National Iranian Oil Company exporting an average of 2.4 million bopd.

Iranian officials nevertheless said that they were rapidly building infrastructure to support advanced uranium enrichment centrifuges in case the nuclear deal falls apart, further fueling the confrontation after US President Donald Trump announced on May 8 that he would pull his country out of the treaty.