U.S. move on Iran threatens €143m Irish export trade

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The deal between Iran and six world powers lifted most worldwide sanctions in 2016 in return for Tehran curbing its nuclear programme, under strict surveillance by the United Nations, to stockpile enriched uranium for a possible atomic bomb.

The U.S. Energy Information Agency (EIA) said on Thursday that the prices of crude oil and gasoline will increase this year.

As those sanctions kick in, it will have an even broader effect as well, Bolton said.

As Iran's largest trade partner, China's imports increased by 25.2 percent to US$18.85bn previous year, while exports to Tehran also rose by 21 percent.

In their opening remarks, Lavrov said Russia, Iran and the other signatories of the deal, including China and three European countries, should together "defend their legitimate interest stipulated by this agreement". But the reach of the U.S. financial system, the dominance of the dollar and the presence of European companies' operations in the United States all weaken any potential EU measures.

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"Principally, New Zealand must reject [the sanctions] but they declare they're going to obey European Union countries, I think they will have the same policy that European Union will have in the coming weeks".

When pressed by CNN on whether the administration would sanction European firms that continue to do business with Iran, Bolton said, "I think the Europeans will see that it's in their interest ultimately to come along with us".

I think that will sink in.

Where does New Zealand stand?

After meeting his counterpart in Beijing, the BBC reported that Zarif said: "We hope that with this visit to China and other countries we will be able to construct a clear future design for the comprehensive agreement".

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The same can not be said of the biggest risk factor by far; Iran may turn its back on the worldwide community completely and redouble efforts to develop its nuclear industry. The same may be said of another key United States policy - Mr Trump's economic protectionism.

The bulk of Iran's crude exports, about 1.8 million bpd, go to Asia. "But it's unlikely they can keep doing business today, giving room to Russian Federation", said independent political scientist Vladimir Sotnikov.

However, US President Donald Trump, a long-time critic of the agreement, on Tuesday defied last-ditch efforts by European allies and announced Washington's withdrawal from the deal.

So far, China, France, Russia, Britain, Germany and Iran remain in the accord, which placed controls on Iran's nuclear program and relaxed some sanctions against Iran. "The Foreign Ministry believes the U.S. will not change its mind".

Merkel said in a speech to a labor union congress in Berlin that President Donald Trump's decision to withdraw from the 2015 agreement marked "a shift in German-American, in European-American relations".

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But while Pompeo talked up the prospect of renewed co-ordination with United States allies, another top aide reminded Europe that its companies could face sanctions if they continued to do business with the Middle Eastern power.

Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the United States government to change its behavior".

In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course. "One of the questions that we need to ask the Americans is whether their final objective is to make the Iranians yield on its nuclear programme or to get rid of the regime", said a senior French official, acknowledging that Paris was concerned by the ideological shift in Washington since John Bolton was appointed US National Security Advisor.

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