Tuesday, 19 June, 2018

France slams 'unacceptable' new U.S. sanctions on Iran

A worker touches a Boeing 737 MAX 7 the newest version of Boeing's fastest-selling plane in February in Renton Washington. The U.S. withdrawal from the Iran nuclear deal means Boeing's licenses to sell billions of dollars in commercial jetliners to Ira Boeing, Airbus licenses to sell jets to Iran to be revoked: US Treasury
Deanna Wagner | 11 May, 2018, 11:29

The administration's goal is to impose tough sanctions that will prompt Iran to re-negotiate the Iran nuclear deal, he said.

America has, however, a long reach when it comes to forcing foreign companies to comply with its sanctions regime, analysts said, as some big European banks have learned the hard way. "As we have throughout this process, we'll continue to follow the USA government's lead", the company said.

"The goal of the wind-down provisions - for example, in the case of oil purchases from Iran, if it's a long-term requirements contract, for example - what we're saying is that although the sanctions come back into effect immediately, precluding any new contracts, for those affected by our jurisdiction, they've got six months to phase it out", said John Bolton, Trump's national security adviser, in a briefing with reporters.

In December 2016, France-based Airbus Group signed a deal to sell Iran 100 jetliners worth about $19 billion at list prices.

Airplane manufacturers Boeing and Airbus will lose almost $40 billion in business because sanctions on Iran will be reinstated in the wake of President Donald Trump's decision to withdraw the United States from the Iran nuclear agreement. But unlike Boeing, Airbus had already delivered some of the planes prior to this week's announcement.

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With the US exiting the Iran deal, American companies are set to lose big bucks, keeping them from being able to grow the American economy. It had signed a $2 billion agreement to help develop Iran's giant South Pars gas field, together with Chinese state oil company CNPC.

Trump announced Tuesday the USA will pull out of the landmark nuclear accord with Iran, which included Germany, France and Britain. "We urge all sides to remain committed to its full implementation and to act in a spirit of responsibility". This is the hope of the Trump administration: that the European Union will not engage in a trade war for access to the Iranian market, and instead cave in to USA sanctions threats by abandoning the nuclear deal.

Hopefully, companies in other countries can pick up the slack.

Trump's decision to pull out of the Iran deal has left his country diplomatically isolated.