Israeli Lawmaker Slams 'Morally Bankrupt' E.U. for Defying Iran Trade Ban

07 August, 2018, 16:20 | Author: Angel Logan
  • Trump team unites in bid to topple Iran regime

U.S. President Donald Trump said on Tuesday the new U.S. sanctions on Iran were "the most biting sanctions ever imposed".

The European Union has sought to salvage the nuclear deal and provide legal cover for its companies to continue operating in Iran.

He also reiterated that on November 5, the United States would also resume sanctions against Iran's energy-related transactions, as well as business conducted by foreign financial institutions with the Central Bank of Iran.

The Islamic Republic's economy, hobbled by years of sanctions, has suffered in recent months with the uncertainty over the atomic accord.

The "blocking statute" also allows European Union economic operators to recover damages that might result from those sanctions, from the entities causing them.

Iranians believe that their leaders will need to "drink the poison cup" and negotiate with US.

Speaking on state TV, Iranian Foreign Minister Javad Zarif warned that President Trump, along with Saudi Crown Prince Mohammed Bin Salman and Israeli Prime Minister Benjamain Netanyahu are isolating themselves with their push for hostility toward Iran.

"There is a clear interest around the world", one staffer said.

But his Iranian counterpart Hassan Rouhani dismissed the idea of talks while crippling sanctions were in effect.

"If you're an enemy and you stab the other person with a knife, and then you say you want negotiations, then the first thing you have to do is remove the knife", he told state television.

United States officials estimate that almost 100 worldwide companies have announced their intent to leave the Iranian market, particularly in the energy and the finance sectors, he said.

It bans European companies from complying with the United States sanctions, nullifies any U.S. court order against European businesses and makes it legally possible for affected firms to seek compensation. Its currency the rial has lost nearly two-thirds of its value in six months.

"These actions include re-imposing sanctions on Iran's automotive sector and on its trade in gold and precious metals, as well as sanctions related to the Iranian Rial". But that has proven hard: European companies have pulled out of Iran, arguing that they can not risk the prospect of damage to their US business.

"We are determined to protect European economic operators engaged in legitimate business with Iran", she said in a statement.

US trade with Iran stood at $258 million (Dh948m) in 2016, according to the US Census Bureau, while exports to Iran from the European Union, which will be affected by secondary sanctions, were worth $13 billion past year. "That is not going to happen", said John Glaser of the Cato Institute.

There is a new confidence in Washington's foreign policy.

"We'll find out whether they are or not", he said on Fox News.

There have been rumors that Trump and Rouhani could meet in NY in September on the sidelines of the UN General Assembly - though Rouhani reportedly rejected USA overtures for a meeting at last year's event.

Severe reporting restrictions have made it impossible to verify the swirl of claims coming through social media.

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