European Union begins talks on Iran sanctions-evading payment scheme

Not a love affair’ Zarif says Iran to stay in nuclear deal as long as its oil sells

Not a love affair’ Zarif says Iran to stay in nuclear deal as long as its oil sells

Iran's Foreign Minister Mohammad Javad Zarif has threatened that his country could increase uranium enrichment should the European Union continue to act passively in the wake of the USA withdrawal from the Iran nuclear deal.

German news magazine Der Spiegel reported this week that talks were under way between German Finance Minister Olaf Scholz and his British and French counterparts. It is created to prevent Tehran from building a nuclear bomb in return for the lifting of economic sanctions.

Trump's decision in May to withdraw Washington from a 2015 deal with Iran, under which the country agreed to freeze its nuclear weapons program in exchange for slackening of economic sanctions, dismayed diplomats across Europe.

Zarif said Tehran might act if "the balance of give and take were destroyed", adding that "oil and banks" were the litmus test. This, however, did not necessarily mean that Iran would for its part withdraw from the nuclear agreement.

Partial or reduced implementation is another possibility, Zarif asserted.

The foreign minister said European parties to the nuclear deal with Iran must decide if they want to submit to US pressure.

Germany, France and Britain are mulling setting up a new financial institution to allow European Union trade with Iran to continue despite American sanctions renewed by US President Donald Trump, German media reported Friday. The sole goal of the project will be to process payments for transactions with Iranian entities, in an effort to maintain incentives that motivated Tehran to sign on to the 2015 nuclear deal.

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