EU, E3 condemn US reimpose sanctions on Iran, vow to protect trade

France, Germany, the United Kingdom, and the European Union have jointly condemned Washington’s fresh sanctions on Iran’s economy, vowing to protect European firms doing business with Tehran.

In a joint statement issued on Friday, EU foreign policy chief Federica Mogherini and the E3 ministers of foreign affairs and finance expressed “deep regret” over the US reimposition of its unilateral sanctions on Iran following a May decision by President Donald Trump to withdraw from the Iran nuclear deal.

The statement described the 2015 agreement as “crucial for the security of Europe, the region and the entire world”, adding that it is Europe’s “aim to protect European economic operators engaged in legitimate business with Iran.”

The statement also vowed to preserve and maintain “effective financial channels with Iran, and the continuation of Iran’s export of oil and gas.”

 “These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle (SPV) on which we are proceeding with work to set up,” the statement said.

According to the statement, the SPV “will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade.”

The statement also hailed Iran’s commitment to the Joint Comprehensive Plan of Action (JCPOA), as confirmed by the International Atomic Energy Agency (IAEA) in 12 consecutive reports, and vowed to “remain committed to implementing the JCPOA as a matter of respecting international agreements and of its shared international security.”

The reaction came after the US Treasury Department announced all sanctions on Iran lifted under the 2015 nuclear deal will be back in force on November 5.

The Trump administration earlier agreed to allow eight countries to continue purchasing Iran’s crude oil after Washington’s sanctions on Tehran take place next Monday.

A senior administration official told Bloomberg that waivers were aimed at preventing oil price hikes and would be granted in exchange for continued import cuts.

Pompeo later confirmed the report on exempting the eight countries, but refused to name them and just said the EU as a singular entity was not among them.

South Korea, Japan, India, and China were the first four countries which were confirmed to have received the waivers. Later on Friday, Turkey and Iraq confirmed they have received the exemptions as well.

Turkish Energy Minister Fatih Donmez told reporters Turkey is among the eight countries according to the information it has received, but Ankara has not received the details yet.

Reuters also quoted three Iraqi officials as saying that Washington has told Baghdad it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after the re-imposition of sanctions.

Iran says it has no concerns over fresh US sanctions which are aimed at waging an extensive psychological war.

The waiver is conditional on Iraq not paying Iran for the imports in US dollars, said the officials, who included a member of Iraq’s ministerial committee that oversees energy activities.