nuclear-news

In an attempt to avoid an escalation between Iran and the US, EU leaders in the recent week have intensified diplomatic activities, trying to salvage the EU-brokered nuclear deal while making sure the US-led anti-IS coalition continues to operate in Iraq after Iraq’s parliament called for the withdrawal of all foreign troops from the country.

“The region cannot afford another war, we call for an urgent de-escalation and maximum restraint,” EU’s chief diplomat Josep Borrell told reporters following the meeting in Brussels on Friday, that had reaffirmed European commitments preserving the Joint Comprehensive Plan Of Action (JCPOA).

“We have been saying in the past and we continue to say that we regret the US decision to withdraw from the deal,” Borrell said, “And we continue believing that this deal is a key element of the global nuclear non-proliferation architecture and critical for the regional stability.”

He also warned that negotiating a new pact would be a “very complex, highly technical process” that would take a long time………

Since the Trump administration decided to exit the deal in 2018, all three European parties to the pact – Britain, France and Germany – have repeatedly stressed their commitment to saving it, even after a call by Trump this week urging them to join him in walking away.

One of the contentious points between Europe and Washington has been the Instrument in Support of Trade Exchanges (INSTEX), which was born as the brainchild of France, Germany and the UK in January 2019, and recently joined by further European countries.

It was created as a special purpose vehicle to help EU companies do business with Iran and facilitate non-USD transactions to avoid breaking US sanctions against the country.

European efforts, however, to ensure that Iran can keep trading in spite of the sanctions have had little impact.

The Trump administration on Friday (10 January) imposed new sanctions on Iran, with the latest round set to target multiple sectors of the Islamic Republic’s economy, including construction, manufacturing, textiles and mining…….