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[rtl]Date of release: 2018/9/25 8:39 • 228 times read[/rtl]
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{International: Euphrates News} The European Union announced the establishment of a legal entity aimed at continuing trade between member states and Tehran.
EU foreign policy chief Federica Mugherini said the EU would create a legal entity to continue trade with Tehran, particularly the purchase of Iranian oil.
"The EU member states will establish a legal entity to facilitate legal financial transactions with Iran," Mugherini said at the end of a meeting on Iran's nuclear deal.
"This entity will allow European companies to continue to trade with Iran in accordance with European law, and other partners in the world could join it," she said in a joint statement with her Iranian counterpart Mohammad Jawad Zarif.
The New York meeting was organized on the sidelines of the annual UN General Assembly, with representatives from the six countries that have signed and are still committed to this agreement - France, Britain, China, Russia, Germany and Iran.
According to European sources, the entity to be established is a "specific purpose entity" (SBV) and can serve as a stock exchange where financial transactions are carried out or a sophisticated swap system that allows companies to escape US sanctions against Iran.
Trump, announced in May the withdrawal of his country from the nuclear agreement concluded by the major powers with Iran in 2015, pointing out that the agreement does not prevent Iran's destabilizing activity in the region.
Since then, EU countries have been quick to find ways to maintain their huge trade deals with Iran.
Washington has decided to re-impose tough sanctions on Iran that were lifted under the 2015 deal to curb its nuclear ambitions.
Since the agreement came into effect in 2016, major European companies have been rushing to make billions in business deals with Iran, but thousands of jobs are now threatened with cancellation.
A large number of these companies fear that their business dealings with the United States would be undermined if they continue their deals with Iran after a final deadline in November.
US authorities have imposed huge fines on banks for managing financial transactions with Iran, including London-based Standard Chartered, HSBC and Lloyds.
France, Germany and the United Kingdom have said they are continuing to abide by the nuclear deal with Iran and growing trade ties as long as Iran is committed to its commitments.
Prior to imposing sanctions on Iran in 2012, the EU was Iran's largest trading partner. In 2011, Iran had a large trade surplus with the EU. The year 2012 witnessed a significant trade decline between the two countries, but it has seen a boom again since 2016.
In 2017, the total European exports to Iran of goods and services amounted to 10.8 billion euros (12.9 billion dollars), while imports from revenues to the European bloc amounted to 10.1 billion euros, and the value of imports is almost double the figures for 2016.
Most EU imports from Iran were energy-related products, with petroleum products and other fuels exceeding 75 percent of imports.
European exports to Iran were mainly from machinery and transport equipment, followed by chemical products.
According to the European Commission, trade with Iran accounts for only 0.6 percent of the world's total trade, while the UAE and China were Iran's main trading partners, accounting for 23.6 percent and 22.3 percent of Iran's total trade.
By contrast, European trade accounts for about 6 percent of Iran's total trade
http://alforatnews.com/modules/news/article.php?storytopic=43&storyid=175528
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Europe slams Trump and establishes a legal entity for trade with Iran
[/rtl][rtl]Date of release: 2018/9/25 8:39 • 228 times read[/rtl]
{International: Euphrates News} The European Union announced the establishment of a legal entity aimed at continuing trade between member states and Tehran.
EU foreign policy chief Federica Mugherini said the EU would create a legal entity to continue trade with Tehran, particularly the purchase of Iranian oil.
"The EU member states will establish a legal entity to facilitate legal financial transactions with Iran," Mugherini said at the end of a meeting on Iran's nuclear deal.
"This entity will allow European companies to continue to trade with Iran in accordance with European law, and other partners in the world could join it," she said in a joint statement with her Iranian counterpart Mohammad Jawad Zarif.
The New York meeting was organized on the sidelines of the annual UN General Assembly, with representatives from the six countries that have signed and are still committed to this agreement - France, Britain, China, Russia, Germany and Iran.
According to European sources, the entity to be established is a "specific purpose entity" (SBV) and can serve as a stock exchange where financial transactions are carried out or a sophisticated swap system that allows companies to escape US sanctions against Iran.
Trump, announced in May the withdrawal of his country from the nuclear agreement concluded by the major powers with Iran in 2015, pointing out that the agreement does not prevent Iran's destabilizing activity in the region.
Since then, EU countries have been quick to find ways to maintain their huge trade deals with Iran.
Washington has decided to re-impose tough sanctions on Iran that were lifted under the 2015 deal to curb its nuclear ambitions.
Since the agreement came into effect in 2016, major European companies have been rushing to make billions in business deals with Iran, but thousands of jobs are now threatened with cancellation.
A large number of these companies fear that their business dealings with the United States would be undermined if they continue their deals with Iran after a final deadline in November.
US authorities have imposed huge fines on banks for managing financial transactions with Iran, including London-based Standard Chartered, HSBC and Lloyds.
France, Germany and the United Kingdom have said they are continuing to abide by the nuclear deal with Iran and growing trade ties as long as Iran is committed to its commitments.
Prior to imposing sanctions on Iran in 2012, the EU was Iran's largest trading partner. In 2011, Iran had a large trade surplus with the EU. The year 2012 witnessed a significant trade decline between the two countries, but it has seen a boom again since 2016.
In 2017, the total European exports to Iran of goods and services amounted to 10.8 billion euros (12.9 billion dollars), while imports from revenues to the European bloc amounted to 10.1 billion euros, and the value of imports is almost double the figures for 2016.
Most EU imports from Iran were energy-related products, with petroleum products and other fuels exceeding 75 percent of imports.
European exports to Iran were mainly from machinery and transport equipment, followed by chemical products.
According to the European Commission, trade with Iran accounts for only 0.6 percent of the world's total trade, while the UAE and China were Iran's main trading partners, accounting for 23.6 percent and 22.3 percent of Iran's total trade.
By contrast, European trade accounts for about 6 percent of Iran's total trade
http://alforatnews.com/modules/news/article.php?storytopic=43&storyid=175528
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