Page 6 - IRANRptJun18

Iran but measures still insufficient, says French minister
Iran insists on credible EU measures to save nuclear deal
“We have moved forward on one point, which is the implementation of a European [blocking statute] rule that dates from 1996 which we have modernised and allows us to protect our firms against this American pressure, but that is not enough,” Jean-Yves Le Drian told France’s LCI television.
He observed that there was still a need to create financial mechanisms away from the dollar, in euros or other currencies, that would assist companies in business with Iran, and for Tehran to be able to continue with oil exports.
Iran gave the EU until the end of May to propose credible ways to mitigate the effects of the US withdrawal from the nuclear deal and ensure sufficient compensation for loss of income caused by the move. Iranian officials have repeatedly warned the EU that if there are no comprehensive solutions to banking and financial issues to assist its banks and companies, it will withdraw from the nuclear deal, signed in late 2015, and resume uranium enrichment.
Iranian Deputy Foreign Minister Abbas Aragchi said negotiations were ongoing with the remaining signatories "to see if they can provide us with a package which can give Iran the benefits of sanctions lifting". He added that "practical solutions" were required to address Iran's concerns over its oil exports, banking operations and foreign investment in the country. Iran wants to see the level of its oil shipments protected from US action and to preserve its banks’ access to the SWIFT international payments messaging system. "The next step is to find guarantees for that package," Aragchi said.
He added: "We got the sense that the Europeans, Russia and China... are serious and they recognise that the JCPOA's survival depends on the interests of Iran being respected."
Around 37% of Iran’s oil exports go to European destinations, and the EU is Iran’s number one trading partner. The value of trade between the EU and Iran leapt from $9.2bn in 2015 to $25bn recorded last year.
2.2 India boosts Iran saying it will only abide by UN sanctions
India said on May 28 its policy on sanctions is to abide by those imposed by the United Nations but not those imposed by any other country, including those announced by the US against Iran. Indian foreign minister Sushma Swaraj said New Delhi’s standpoint was independent of any other country, saying: “India follows only UN sanctions, and not unilateral sanctions by any country.”
The statement will come as a boost to Iran which since the early May unilateral withdrawal of the US from the 2015 multilateral nuclear deal , and Washington’s subsequent declaration that it is set to impose the “strongest sanctions in history” on Tehran, has been g auging how much it stands to lose or gain by staying in the accord with its remaining signatories, namely the UK, France, Germany, China and Russia.
Whether the nuclear deal stands or falls, Iran will look to preserve as much of its vital oil exports as possible. China and India are by far the biggest buyers of Iranian oil, at around 700,000 and 550,000 barrels per day, and they have
6 IRAN Country Report June 2018 www.intellinews.com