Bolton warns economic sanctions possible for business with Iran

Iran's Foreign Minister Mohammad Javad Zarif disembarks from a plane

Iran's foreign minister will seek support for key European investment deals when he visits Brussels Tuesday on the final leg of a whistlestop tour to shore up support for the 2015 landmark nuclear deal.

In talks with his counterparts from Britain, France and Germany, Pompeo "highlighted the good work that we have done over the past several months to address our common threats and said that he is hopeful we can continue strong cooperation moving forward", the State Department said. Iranian Foreign Minister Javad Zarif sets off on Saturday for talks in China, Russia and Europe to see what can be salvaged.

The commitment of other partners to the Iran deal should be respected, said Le Drian, adding that the effects of the United States move were already being felt in rising oil costs and an increase in political uncertainty in the Middle East.

"Iran had never made a strategic decision to give up nuclear weapons".

Amid conflicting messages from the U.S. administration, national security adviser John Bolton said that sanctions on European businesses were "possible" while secretary of state Mike Pompeo struck a more conciliatory note on Sunday, suggesting that the USA and its allies could strike a new deal.

Iran has stated that they intend in the form of an ultimatum demand that the European members of the security transaction.

Zarif will later fly to Moscow and Brussels to consult the remaining signatories to the 2015 agreement denounced by US President Donald Trump.

Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal.

The West of England Club said any activity would have to stop the moment any entity that's dubbed a Specially Designated National by the U.S. Treasury's Office of Foreign Assets Control is re-added to a secondary sanctions list.

"Decisions on the Iranian side took longer than expected, worldwide banks were reluctant to work with Iran and the recent decline in the value of (Iran's currency) made global business even more hard", she said.

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The former ambassador who led the UK's team leading to the Iran nuclear deal says the deal has served its goal.

Trump denounced the accord, completed under his predecessor Barack Obama, because it did not cover Iran's ballistic missile programme, its role in Middle East conflicts or what happens after the deal begins to expire in 2025.

In a statement, a Downing Street spokesman said: "She said it is in both the United Kingdom and Iran's national security interests to maintain the deal and welcomed President Rouhani's public commitment to abide by its terms, adding that it is essential that Iran continues to meet its obligations". Reuters news agency says Shell and some other European firms with big operations in the USA prefer to push for U.S. waivers on a case-by-case basis.

EU leaders aim to show a united front on preserving the Iran deal when they meet for a pre-summit dinner in Sofia on Wednesday, European Council President Donald Tusk said.

In addition, Israel has taken offense to Iran's continued military build-up in Syria.

"The people of Iran will with calm and confidence continue their path towards progress and development and the Government of the Islamic Republic of Iran has foreseen all necessary measures to facilitate this under any circumstance". One option is to invoke a never-before-used "blocking mechanism" that would direct European Union businesses to ignore the USA sanctions.

The Kremlin says that Russian Federation and its ex-Soviet allies will sign a free trade pact with Iran. USA officials were reaching out Tuesday to central banks in other countries in the Middle East and Europe to inform them of the sanctions and encourage them to immediately freeze assets the bank has overseas.

Bolton said Europe was still digesting Trump's move last week.

Le Maire proposed creating a European body that would have the same kind of powers that the U.S. Justice Department has to punish foreign companies for their trade practices.

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