Countries that continue to deal with Iran could face U.S. sanctions: Bolton

Crown Prince Mohammed bin Salman Al Saud of Saudi Arabia wants to defend his country's role as a powerful player in the Middle East analysts say
Countries that continue to deal with Iran could face U.S. sanctions: Bolton
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14 May, 2018

"I think the Europeans will see that it's in their interests to come along with us", Bolton said on CNN's "State of the Union".

The nuclear deal provided Iran with relief from sanctions in return for curbs on its nuclear program. After years of crippling economic sanctions, the deal opened Iran to business with the U.S. and Europe, and companies around the world began doing business in Iran. "There's real utility in bringing these bringing these two leaders together", Bolton said of the upcoming in Singapore meeting between Trump and North Korean dictator Kim Jong-Un.

With regard to oil prices and fundamentals, most analysts agree that the gravity of the effect USA sanctions against Iran will have is questionable.

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 French finance minister said he pushed U.S. Treasury Secretary Mnuchin this week for three things: exemptions for French companies operating in Iran; or the application of a so-called grandfather clause for deals struck in Iran since 2015; or an extension of the 90-day period to wind down operations in Iran.

'Do we accept that the United States is the economic gendarme of the planet?

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Le Maire is seeking exemptions for Renault, Total, Sanofi, Danone and Peugeot and other companies already doing business with Tehran. It is clear the United States president feels strongly about the Iran issue claiming the agreement is "a great embarrassment" and "a giant fiction given that "we can not prevent an Iranian nuclear bomb under the decaying, rotten structure of the current agreement". In the 1990s, significant disagreements surfaced when Washington adopted legislation - including the Iran and Libya Sanctions Act (ILSA) - which punished European firms for doing business in those countries. 'We conduct business in all countries, including Iran, in accordance with all relevant UK, EU or other national sanctions and export control regulations'.

Japan, for its part, has joined the European signatories in the Iran deal in condemning the U.S. President's decision.

British Airways, which operates six flights a week between London Heathrow and Tehran, said, "We constantly review our network to ensure that our routes match our customers" needs and are commercially viable.

President Trump has discussed with President Macron in France with Chancellor Merkel in Germany with Prime Minister May in England to move beyond the deal. Mr. Mattis, a Pentagon spokeswoman said, gave his confidential advice to the president and did not feel cut out of the debate. Take their money; enjoy yourselves, ' Trump said then.

However, the US ambassador in Berlin, " Richard Grenell, stated firms should issue the morality of conducting business with Iran.

'You know, Iran is spending money in various countries.


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