Can Iran Sustain Its Crude Oil Exports Without the EU?

Published November 12th, 2018 - 08:59 GMT
What the Iranian officials said that the US is not able to zero Iran's oil exports was proved with the US recent admission. (Shutterstock)
What the Iranian officials said that the US is not able to zero Iran's oil exports was proved with the US recent admission. (Shutterstock)

Head of the Iran-Iraq Joint Chamber of Commerce Yahya Al-e Eshaq said Iran would be able to supply crude to the international markets and collect its revenues even without Europeans' help and SPV mechanism.

"Even if Europe's plan is not implemented, we still won't have any problem to sell Iran's crude and supply goods," Al-e Eshaq said on Sunday.

He stressed the US failure in rallying international consensus in support of its sanctions against Iran, and said the Europeans want to stay under the 2015 nuclear deal and do not follow the US.

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In relevant remarks on Saturday, Iranian President Hassan Rouhani said American officials had admitted their incapability to stop Iran's crude sales, and the US sanctions would only leave negative impacts on imports of foodstuff, medicine and medical equipment.

"What the Iranian officials said that the US is not able to zero Iran's oil exports was proved with the US recent admission," President Rouhani said after a trilateral meeting with the parliament speaker and judiciary chief in Tehran.

"The US announced that it cannot zero Iran's oil sales because the oil prices will rise to $150; this is what we had said (before). In this region, either Iran's oil is exported or others will be in trouble as well," he added.

President Rouhani referred to the US lies that the foodstuff, drugs and medical equipment are exempted from Washington's sanctions against Iran, and said, "This is incorrect. When the banking system is sanctioned, everything is affected."

The US Treasury Department announced all sanctions on Iran lifted under the 2015 nuclear deal would be back in force on November 5.

The EU foreign policy chief and three European foreign ministers in their statement slammed the re-imposition of Washington's fresh sanctions on Iran.

The statement described the 2015 agreement as "crucial for the security of Europe, the region and the entire world", adding, "It is Europe's goal to protect European economic operators engaged in legitimate business with Iran."

The statement also vowed to preserve and maintain effective financial channels with Iran, and the continuation of Iran’s export of oil and gas.

"These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle (SPV) on which we are proceeding with work to set up,” the statement said.

According to the statement, the SPV will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade.


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