7/12, 8:03 PM (Source: TeleTrader)
more TeleTrader news

EU to postpone sanctions procedure for Iran – report

European signatories of the so-called Joint Comprehensive Plan of Action may delay a start to a dispute mechanism with Iran which would pave the way for the reintroduction of sanctions, the Wall Street Journal learned from diplomatic sources. The deal struck in 2015 by the United States, Russia, China, Germany, the United Kingdom, France and the European Union with the giant Middle Eastern oil exporter enabled the abolishment of punitive measures including those by the United Nations Security Council. However, the administration in Washington withdrew from the agreement last year and Iran has decided it would lower compliance.

The report notes the US has warned Europeans to become stricter against Iran and adds that the EU and the three countries in question have argued the breaches are minor and easily retractable. An anonymous person with knowledge of the matter said conditions for triggering the process haven't been met yet. Another senior insider said the process is a last resort and pointed to diplomatic efforts.

Breaking the News / IT