A European failure to salvage the economic spinoffs from the deal could strengthen anti-Western hard-liners in Iran.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment.The stakes are high, for Iran has warned it could scrap a 2015 accord on curbing its nuclear program reached with world powers, including the big EU trio, if the bloc fails to preserve the deal's economic benefits against U.S. pressure.President Hassan Rouhani said Wednesday that the U.S. had chosen the wrong path in reimposing sanctions on Iran and would be defeated.U.S. national security adviser John Bolton said Tuesday that Washington intends to step up enforcement of sanctions on Iran and reiterated that the U.S. aims to reduce Iranian oil exports to zero.EU foreign policy chief Federica Mogherini asked several states to consider being the headquarters, but diplomats said that as the SPV would need to work with local banks, they could become vulnerable to U.S. punishment for sidestepping sanctions.The SPV aims to dodge the global reach of the U.S. financial system by using an EU intermediary to handle trade with Iran.EU diplomats have cautioned, however, that the SPV itself would not be enough to preserve all trade with Iran.
FOLLOW THIS ARTICLE