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European Union launches economic plan to save Iran nuclear deal

European Union launches economic plan to save Iran nuclear deal

Trump declared last week that the United States would withdraw from the deal, claiming that it had failed to prevent Iran from developing nuclear weapons or supporting terrorism in the region.

US Treasury Department has instructed countries to make significant cuts to their imports over the next six months to be considered for potential sanctions relief.

Zarif said this list of commitments has to become "operational" and completed with details, "and then we can decide to what extent Iran's interests can be secured".

In the short term, she said, the European Union should focus on diplomacy and reaffirm its positions on the Iran deal.

It is unclear how well the measure could be enforced, given that big multinationals are likely to be doing more business in the United States than they are in Iran and may be unwilling to compromise that market access.

The U.S. will restore the sanctions lifted by the deal in several months.

The re-imposition of sanctions on Iran will have an immediate adverse impact on India. Other signatories to the JCPOA, however, criticized Trump's decision to unilaterally pull out. They have already been blocked from dealing with Iran.

In the evening, commission president Jean-Claude Juncker and Mogherini will brief leaders, but no decision is expected.

"All agreed that much remains to be done in coming weeks to practically guarantee economic benefits for Iranian people", he said. They'll continue limited economic engagement with Iran while we sit on the sidelines, putting old sanctions in place that will do nothing to challenge Tehran on its own. India is already committed to nearly doubling its crude import from Iran during the current fiscal from last year's 2,05,000 barrels per day to 3,96,000 barrels per day. Roughly 120 German firms operate in Iran, and almost 10,000 German companies trade with Iran.

European Council President Donald Tusk prepares to address a media conference prior to an EU-Western Balkans summit at the National Palace of Culture in Sofia Bulgaria Wednesday
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Trump also threatened "the highest level of economic sanction" against the Iranian regime, calling it "the leading state sponsor of terror" in the world.

"It won't be easy, that's clear to all of us. I think we've taken a big step backwards".

She also expressed hope that preserving the nuclear deal may pave the way for solving other issues, including Tehran's missile program.

"Faced with the decision to risk what is in nearly all cases major business in the US, as opposed to a little bit of business in Iran, I would imagine most companies would probably decide not to continue their Iranian business connections", Wolfgang Ischinger, former German ambassador to Washington, told NPR's Morning Edition on Tuesday.

Merkel said the Europeans aren't "blind" to threats posed by Iran's activities in Syria to Israel, for example.

That translates to merely 3 to 6 cents added to the price of a gallon of gasoline, said Patrick DeHaan, head petroleum analyst at GasBuddy.

After the meeting with Mogherini on Tuesday, Zarif said the negotiations aimed at protecting the multilateral nuclear deal were "on the right track".

However, according to Russian economist and Sputnik contributor Ivan Danilov, Washington's European allies are seeking ways to get around sanctions.

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