EU to Ditch Dollar in Iran Trade

Ahead of a summit of EU leaders, Donald Tusk criticizes Trump for US actions | DW |

Looking at latest decisions of @realDonaldTrump someone could even think: with friends like that who needs enemies. But frankly, EU should be grateful. Thanks to him we got rid of all illusions. We realise that if you need a helping hand, you will find one at the end of your arm.

— Donald Tusk (@eucopresident) 16 May 2018

The EU is hoping that Iran will continue to obey the rules of the agreement as long as enough of the economic benefits promised in the deal are preserved. The Iran nuclear deal aims to prevent Tehran from developing a nuclear bomb.

“I would like our debate to reconfirm without any doubt that as long as Iran respects the provisions of the deal, the EU will also respect it,” Tusk said.

But the EU’s hopes have been complicated by the fact that European companies would also be exposed to US sanctions imposed on anyone doing business in Iran.

Continued below the fold …

EU Pledges Steps to Salvage Iran Oil Shipments ‘Within Weeks’ | Bloomberg |

The European Union set out to identify “practical solutions” for salvaging the Iran nuclear accord within weeks, as the bloc strives to contain the fallout from President Donald Trump’s decision to pull the plug from the landmark deal.

Technical experts from both sides were commissioned to find ways to maintain oil shipments and to protect European companies doing business with Iran, EU foreign policy chief Federica Mogherini told reporters in Brussels late on Tuesday. The experts will also propose ways to avert disruptions in air, sea and land transport from and to Iran and keep channels open for “effective banking transactions.”

🔴 @FedericaMog speaks to the press following EU/E3 & EU/E3+Iran meetings #IranDeal #JCPOA https://t.co/OnNb6l7FPJ

— European External Action Service – EEAS 🇪🇺 (@eu_eeas) May 15, 2018

While members of the Trump administration have advised European companies to stop doing business with Iran now, Mogherini said the European aim was “maintaining and deepening economic relations with Iran.”

“If we want to save this deal, which is not an easy exercise, we know that the sooner we do it then the easier it will be,” Mogherini said after meeting the foreign ministers of the U.K., France, Germany and Iran in Brussels. Both the EU and Iran have vowed to keep implementing the deal, despite the threat of U.S. sanctions after Trump’s decision to withdraw.

EU leaders will debate their reaction over a dinner meeting in Sofia on Wednesday, while the bloc’s executive arm will discuss the technical preparations in a meeting also on Wednesday.