EU TO Defend Firms Against US Iran Sanctions - Macron

EU TO Defend Firms Against US Iran Sanctions - Macron

Ignoring European support for the nuclear pact, U.S. President Donald Trump-branded the agreement as "the worst deal ever" and announced on May 8 the United States was pulling out.

The EU leaders discussed Iran at a meeting in Bulgaria, European Commission chief Jean-Claude Juncker said, adding the bloc would start measures on Friday to ease the effect of the United States sanctions on European companies.

"But frankly speaking, Europe should be grateful to President Trump".

EU President Donald Tusk renewed attacks on him. We believe European leaders will spare no effort to salvage the Iran nuclear deal.

It was also ready to "improve reciprocal market access, for industrial products, including amongst others cars, and liberalisation of public procurement".

Merkel, Macron and British Prime Minister Theresa May briefed fellow leaders on Iran, after failing to persuade Trump to stick with the accord.

France, Macron said, backed proposals by the European Commission to protect and compensate European companies that might be hit by U.S. sanctions for trading with Iran. We are calling all the parties for negotiations on an extended version of the agreement. She highlighted the importance of deepening economic relations with Iran, including in the area of energy supplies.

The EU has discussed instituting a so-called blocking statute, which would shield European companies doing business with Iran. The last time the bloc threatened to use this measure was in 1996, when Bill Clinton's administration stood down and agreed to waive sanctions aimed at curbing foreign investment in Cuba, Iran and Libya.

"I don't know the exact timing details, but I am certain that we're also going to shut down (in Iran)", Skou said.

The veiled threats did not stop a London-based consortium of global companies striking a deal to develop an oilfield in Iran for 655 million barrels of oil in the southwestern Kernaj field.

"On Iran nuclear deal, we agreed unanimously that the European Union will stay in the agreement as long as Iran remains fully committed to it".

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