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All tagged snapback
◢ Iran’s decision to ramp up uranium enrichment is prompting debate over whether the U.S. should—or even can—invoke a threat that negotiators built into the 2015 nuclear agreement but hoped would never be used: a “snapback” of international sanctions.
◢ Germany's biggest lenders have shied away from business with Iran after past penalties for breaching US sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump. Officials at Germany’s central bank believe that much has so far changed for business with Iran.
◢ Iran's Foreign Minister Mohammad Javad Zarif said Sunday that European efforts to save the nuclear deal after the exit of the United States were not sufficient. "The cascade of decisions by EU companies to end their activities in Iran makes things much more complicated," Zarif told reporters.
◢ Danish shipping group Maersk Tankers on Thursday said it would cease its activities in Iran due to the US's decision to leave a landmark nuclear deal and reimpose sanctions against Tehran. Maersk Tankers would honor customer agreements entered into before May 8, but then wind them down by November 4, "as required by the re-imposed US sanctions.”
◢ Renewed nuclear sanctions would certainly cause severe problems for Iran's economy, but much of the damage has already been done by the uncertainty created by the US and myriad home-grown problems. It was awkward timing for the annual International Oil Show in Tehran this week, which opened just two days before US President Donald Trump was due to make his decision on the Iran deal.
