Even though U.S. sanctions will take months before they are fully implemented, Washington’s decision to reimpose crippling sanctions is already affecting the Islamic Republic. Global shipping operators, including Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co., have announced their decision to seek alternative oil-producing countries in the Middle East or West Africa. While the United States is alone in its decision to reimpose sanctions against Iran, executives of major oil and shipping corporations stressed that no global company will risk U.S. sanctions – as the significance of the Iran market is belittled by that of the United States. While China is the largest customer of Iranian oil, purchasing more than 650,000 barrels a day, senior executives of Chinese state-owned shipping corporations have noted on condition of anonymity that they would not risk any violations of U.S. sanctions, as the majority of their business involves the U.S. market – deeming Western speculations of China turning its back on U.S. demands ‘most unlikely.’ That said, the European Union continues to make efforts aimed at preserving the nuclear agreement with the Islamic Republic. After a high-level meeting that focused on the matter, EU member states emphasized their resolve to bring about a solution that would allow European companies to continue business as usual with Iranian companies. “We have to send out a clear signal that the European Union is standing behind the nuclear deal. It is in our most personal security interest that this deal has a future. It is indispensable that Iran itself sticks to the agreement and to the commitments it has undertaken. We will talk about to what extent we can support Iran financially and economically on the basis of the agreement,” German Minister of State for Europe Michael Roth said.
“We try to go further with the JCPOA (Joint Comprehensive Plan of Action), first of all because it is a very clear commitment from the European Union and the entire international community, so it is very important to prove that we have the capacity to implement. So we will do that with the EU partners, not only on the public side, which is the Central Bank and the European Investment Bank, but we try also to promote the presence of SMEs (small-to-medium-sized companies) in Iran, and we try also to promote the possibility for very large companies to work in Iran. It is not easy, because we know the situation with extra-territorial actions from the U.S., but we try to work in a good collaboration with Iran,” Belgian Foreign Minister Didier Reynders said.
“(The issue of the Iran nuclear deal is) extremely difficult, that is clear. On the other hand, we have to tell our American friends, and not just President Trump, that it is extremely important for us. It’s not just about trade. What is important is the security of the European Union. And the security of the EU will only be improved if we make sure that the nuclear spiral in the Middle East will not turn in the wrong direction,” Luxembourgish Foreign Minister Jean Asselborn said.
While top EU officials are trying to salvage the deal, which has brought significant economic value to many European corporations; without Washington’s support, and amid crippling international sanctions, European officials told TV7 that the agreement’s survival is more than questionable.