Europe try to keep Iran deal as it stands to lose billions of dollars - Whisper Eye

Europe try to keep Iran deal as it stands to lose billions of dollars

A flurry of diplomatic activity is under way to rescue the Iran nuclear deal after President Donald Trump’s decision to withdraw the US from it and bring back sanctions against Tehran.

German Chancellor Angela Merkel spoke with President Putin of Russia, and UK PM Theresa May has talked to Mr Trump.

French ministers have been loudest in their complaints that major European businesses will be hit hard as US sanctions are re-imposed.

Mr Trump says the deal is “horrible”.

Among his concerns are that it has an expiry date and does not deal with Iran’s ballistic missile program me or Iranian influence in the region.

On Tuesday Mr Trump honored an election pledge to scrap US participation in the 2015 accord. Sanctions will be re-imposed in two stages in August and November.

Under the agreement Iran undertook to curb nuclear activities in return for the lifting of sanctions.

The deal, negotiated by the US, three European Union powers, Russia and China, was designed to prevent Iran developing atomic weapons – something it has always denied trying to do.

The agreement is still seen by the non-US signatories as the best way of preventing Iran from becoming a nuclear power, though they concede it is not perfect.

The Europeans also stand to lose billions of dollars of business when US sanctions return.