Wednesday, September 30th | 12 Tishri 5781

July 8, 2018 11:19 am

In Vienna, Iran Fails to Get Guarantees on Continued Access to Oil, Financial Markets

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EU High Representative Federica Mogherini with Iranian Foreign Minister Zarif before P5+1 nations resume nuclear talks in Switzerland in 2015. Photo: US State Department. – Iran failed to get concrete guarantees from the remaining members of the Iranian nuclear deal on access to oil and financial markets as the United States is set to resume harsh sanctions on the Islamic Republic in the coming months.

“The participants stressed their determination to effectively develop and implement practical solutions,” said European Union Foreign Policy Chief Federica Mogherini, who convened the meeting on Friday in Vienna, Bloomberg reported.

After a two-hour meeting, which included ministers from the European Union, the United Kingdom, France, Germany, Russia and China and even Iran, a 11-point list of commitments was released that laid out Iranian access to energy markets, shipping insurance and foreign investment. However, the list did not give any specific measures on how to provide those guarantees.

“All the members, even the three allies, have committed and have the political will to take action and resist the United States,” Iran’s Foreign Minister Mohammed Javed Zarif told a Vienna news conference broadcast by the Fars news agency.

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Both sides are attempting to keep the Iranian nuclear deal alive after US President Donald Trump pulled out of the agreement in May and re-imposed sanctions. Iran is hoping to continue to benefit from deal by having access to international financial markets and oil exports. However, the Trump administration has said that any plans to continue to do business with Iran will run afoul of US sanctions.

“Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales,” State Department official Brian Hook said earlier this week. “We will not hesitate to take action when we see sanctionable activity, and that is consistent with our policy of economic and diplomatic isolation against Iran.”

Hook said the first round of US sanctions targeting Iran will go into effect on Aug. 4, which will target the Iranian automotive sector, as well as trade in gold and other metals. A further round of sanctions will go into effect on Nov. 4, which will target the Islamic Republic’s energy and banking sectors.

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