US Warns European Businesses on Sanctions If They Do Business with Iran

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In the meantime, the European troika should be committed to the strict implementation of the content of the nuclear deal as it stands, and it should provide Iran with the necessary economic guarantees.

European firms, especially those from France and Germany, rushed to invest in Iran following the 2015 agreement, under which Tehran agreed to freeze its nuclear program in return for the repeal of punishing global sanctions.

German exports to Iran totalled almost 3.0 billion euros in 2017, while French exports soared from 562 million euros in 2015 to 1.5 billion in 2017 and oil giant Total has pledged to invest some $5 billion in the South Pars gas field.

French Finance Minister Bruno Le Maire said earlier that Europe should not accept that the U.S.is the "world's economic policeman", or become the USA "vassals" that "obey decisions taken by the United States while clinging to the hem of their pants;" Rather, Le Maire asked, "or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?". The US will separately re-impose sanctions on the provision of insurance and reinsurance. Imports totalled $6.8 million, with dates contributing over half.

"Should the governments decide to comply with U.S. demands, the refineries - as was seen in Europe and Japan - will have to make the necessary adjustments to process crude from other countries", Emadi said. European governments could reinstate "blocking statutes" that actually prohibit their firms from abiding by United States sanctions, or they could even threaten retaliatory sanctions against U.S. firms.

It is worth noting that Ahmad Khatami has very close relations to Iranian Supreme Leader Ali Khamenei.

"Principally, New Zealand must reject [the sanctions] but they declare they're going to obey European Union countries, I think they will have the same policy that European Union will have in the coming weeks". According to the United Nations' nuclear watch dog, the International Atomic Energy Agency, Iran shipped almost its entire fissionable stockpile to Russian Federation a year ago, over 12 tons of enriched uranium that could have been used to make uranium atomic bombs.

President Donald Trump pulled the United States out of the deal on Tuesday, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.

Bolton said Europe was still digesting Trump's move last week.

"My forecast is that should Europe cave in under pressure and boycott Iranian oil, Iran will see a reduction of 700,000 barrels a day in its exports", he added.

"I heard one of the primary industry representatives postulating that it might mean, if nothing else, that it's more hard to increase exports to iran who, of course, used to be a much larger trading partner of New Zealand than they are even now", Mr Parker said.

The Iran nuclear deal was signed between six countries in 2015 - Iran, US, Britain, Germany, Russia, France and China for lifting economic sanctions on Tehran in exchange for limitations to the country's nuclear programme. "He makes the decisions, and the advice I give him is between us".

Unfortunately, European leaders failed to commit to sufficiently meaningful amendments, especially on the most important element - the sunset clauses of the accord - as well as verification mechanisms, ballistic missiles and development of advanced centrifuges, leaving the current Joint Comprehensive Plan of Action (Iran deal) fatally flawed.

Iran's foreign minister today hailed talks with the European Union to try to find a way to rescue the Iran nuclear deal after the U.S. pulled out as a "good start".

But Secretary of State Mike Pompeo said Washington was keen to thrash out a more wide-ranging deal with its European partners.

"However, if they resist the pressure from America, then I expect to see a small number of refineries being targeted by the United States treasury - imposing heavy fines on them to make an example for other refineries".

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