Leaders of European states will maintain the nuclear deal with Iran and protect their corporations against potential U.S. sanctions for doing business in the Islamic Republic, according to French President Emmanuel Macron.
Danish shipping giant Maersk and German insurer Allianz said Thursday they plan to wind down activities in Iran.
The EU leaders discussed Iran at a meeting in Bulgaria, European Commission chief Jean-Claude Juncker said, adding the bloc would start measures on Friday to ease the effect of the U.S. sanctions on European companies.
Macron spoke as the Commission, which negotiates trade matters on behalf of the bloc, published a law preparing retaliation.
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Leaders including Macron and German Chancellor Angela Merkel agreed that the commission, the EU's executive, is prepared to discuss trade concerns with the U.S. including deepening energy ties and reform of the World Trade Organization once a permanent waiver is in place, the official said. "We have pledged to take necessary political steps for our companies to stay in Iran".
Hu Weijia - EU Foreign Policy Chief Federica Mogherini is scheduled to meet with the foreign ministers of Britain, France and Germany on Tuesday to discuss the Iran nuclear deal. She highlighted the importance of deepening economic relations with Iran, including in the area of energy supplies.
"We have made a decision to support the Iran deal despite the USA actions". We are calling all the parties for negotiations on an extended version of the agreement.
"I'm privy to the information that the European Union is going to shift from dollar to euro to pay for crude from Iran", the diplomatic source reportedly told Russian news agency RIA Novosti. The US dollar's overwhelming position of dominance in the global financial system is one prominent example.