European Union moves to block U.S. sanctions on Iran

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Iranian state TV has reported the country has signed an agreement with a British consortium to develop an oil field, just as another major company, France's Total, says it will withdraw from Iran because of renewed us sanctions.

India, government sources told The Business Standard, is yet to seek any specific exemptions from sanctions, though one senior official said some preliminary discussions had taken place.

The European Commission's President Jean-Claude Juncker struck a more defiant note calling on Europe to take up leadership of the world and replace the US, whom he said "has lost its vigor".

"With friends like these, who need enemies", he'd said, referring to Donald Trump's trade tariffs and his abandoning of the Iran nuclear deal.

"What we demand is no conditions and no limits and to go back to the situation before", French President Emmanuel Macron told reporters on his way into the summit on Thursday (Friday NZT). "The hardliners in Iran were the most opposed to this accord".

"During the meeting, Mr. Khoshrou conveyed Mr. Zarif's message that Iran hopes China will maintain the levels of imports", said one person briefed on the meetings.

Total's CEO said on Thursday he wouldn't be surprised to see the price of a barrel of crude reach $100 later this year because of global political disputes. "We promised to take political measures that would allow our enterprises to stay in Iran", he said.

Macron also said that the nuclear deal with Iran must not only be preserved, but also supplemented and expanded to include ways to solve the missile problem and questions about Iran's role in the region.

According to an European Union source, leaders agreed to "continue fighting for rules-based worldwide system despite recent decisions on climate change, tariffs and Iran".

European businesses are anxious that their ties with the United States could be damaged if they continue doing Iranian deals.

Before he addressed a UN Security Council meeting, Mr Blok told reporters that "the best option for European and Dutch companies would be exemptions" from any U.S. sanctions against companies doing business with Iran.

Iran's current limited willingness to cooperate with and get practical guarantees from the European countries to try to keep the deal in place without the US could be a great opportunity for the Europeans to take the first step on their new path and offer a new alternative multipolar world order based on worldwide law which ensures the interests of countries are equally preserved.

But the most accurate observations by Macron was that Trump's Iran decision strengthens both Russian Federation and China in the region, something we pointed out weeks ago, begging the question whose interests is Trump representing.

Most EU countries are US allies in North Atlantic Treaty Organisation.

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