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Iran tells EU to speed up efforts to save nuclear deal

Europeans and other signatories of the deal (China and Russia) have been trying to save the deal but the process has been slow.

August 20, 2018 / 04:30 PM IST
Iran's currency, the rial, has been plunging to new lows over a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions imposed by the United States. The currency is placed at 60,000 rials to the dollar, which was a loss of one-third of its value in 2018 alone. While citizens are not exactly shoveling out bricks after bricks of cash for a loaf of bread, they have to think twice before spending their money as their goods are beginning to see a sharp increase in prices. (Image: Reuters)

Iran's currency, the rial, has been plunging to new lows over a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions imposed by the United States. The currency is placed at 60,000 rials to the dollar, which was a loss of one-third of its value in 2018 alone. While citizens are not exactly shoveling out bricks after bricks of cash for a loaf of bread, they have to think twice before spending their money as their goods are beginning to see a sharp increase in prices. (Image: Reuters)

Iran said on Monday that Europe should accelerate its efforts to salvage a 2015 nuclear deal between Tehran and major powers that US President Donald Trump abandoned in May.

"Europeans and other signatories of the deal (China and Russia) have been trying to save the deal but the process has been slow. It should be accelerated," Foreign Ministry spokesman Bahram Qasemi told a news conference broadcast on state TV. "Iran relies mainly on its own capabilities to overcome America's new sanctions."

European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the deal since the United States withdrew from the deal, which Trump said was "deeply flawed".

Washington imposed new sanctions on Iran in August, targeting its trade in gold and other precious metals, purchases of US dollars and its car industry.

The European Union has taken steps to counter the renewed US sanctions, including forbidding EU citizens from complying with them or related court rulings, and allowing firms to take legal action to recover potential damages from parties who withdraw from contracts due to the sanctions.

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European powers, China and Russia say they will do more to encourage their businesses to remain engaged with Iran. But the prospect of US penalties appears to be enough to persuade European companies to keep out of Iran.
Reuters
first published: Aug 20, 2018 04:23 pm

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