Iran demands Europe do more to save accord

Iran has demanded that Europe maintain its oil trade and bypass US sanctions to salvage the nuclear accord after US President Donald Trump announced his country’s withdrawal on May 8, international media reported on Sunday.

Iran has requested that Europe pay for crude in euros in direct transfers to Iran’s central bank, essentially bypassing the USA, Miguel Arias Canete, the European Commissioner for energy and climate, told Reuters.

“With the withdrawal of America, […] the European political support for the accord is not sufficient,” Iranian Minister of Foreign Affairs Mohammad Javad Zarif was quoted as saying. “The announcement of the possible withdrawal by major European companies from their co-operation with Iran is not consistent with the European Union’s commitment to implementing [the 2015 nuclear accord].”

The EU will consider Iran’s requests, Arias Canete told the agency. The block currently mulls credit lines for Iran, oil and gas co-operation and its own legislation to counter US sanctions, the report added.

Last week, France’s Total said it would abandon the USD 4.88-billion South Pars phase 11 offshore gas project unless it is granted a waiver by the USA.