France Wants to Defend EU Firms From US Sanctions on Iran- French Minister
The bullish oil market sentiment encouraged buying in energy stocks, which lifted the Energy Select Sector SPDR - an assortment of the largest USA energy companies - more than 2% Wednesday.
This source had also said the impact of USA sanctions on Iranian supplies needed to be assessed first and Saudi Arabia did not expect any physical impact on the market until the third or fourth quarters. "This new U.S. policy will clearly have a chilling effect on European energy companies", he added.
"Germany has said it will protect its companies from USA sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S".
"But I think the Europeans will see that it's in their interest, ultimately, to come long with us".
As part of the Iran deal announcement, the president also deliberately linked his withdrawal from the JCPOA to the ongoing negotiations with North Korea, announcing that Secretary of State Mike Pompeo would soon be landing in North Korea.
It's likely to be then leaders such as Saudi Arabia and Russian Federation will consider whether or not fill in the gap for Iran.
Europe needs new "financial instruments allowing it to be independent from the United States", Le Maire said. And this was before any decision was announced by the US Administration.
He said France would propose sanctions-blocking measures to the European Commission in the next few days.
Asked whether the United States sanctions will hit the Chabahar port project, Mr Kumar said it was too early to analyse and come up with conclusions about implications of USA withdrawal from the nuclear deal.
Germany plans to offer legal advice to help its firms continue to do business in Iran, Economy Minister Peter Altmaier also said on Friday.
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European Union calls on Israel to respect right to peaceful protest
More than 35,000 people are protesting along the Gaza border, the Israel Defense Forces say. "Occupation must end", he said. However, the decision to move the embassy is seen as a massive win for Israel at the expense of Palestinians.
Which companies could be affected?
Indo-Iran ties have been on a upswing after Tehran sealed the nuclear deal with the worldwide community in 2015.
Aside from Airbus, they include French oil giant Total and the vehicle makers Renault and Peugeot. "In the meantime, however, members should take care before entering into any new Iran related fixture to ensure that they only do so with up to date legal advice on sanctions compliance", he advised. The president's commitment to keeping his word is evident in his recognition of Jerusalem as Israel's capital - something three previous presidents had promised but failed to deliver.
The extension of additional loans or credits to an Iranian counterparty after August 6, 2018 or November 4, 2018, as applicable, even if pursuant to previously existing agreements, may result in the imposition of USA sanctions.
What is the political "uncertainty" Mr Le Drian talks of?
Along with the United Arab Emirates, the U.S. treasury has moved against six individuals and three companies it claims are funnelling millions of dollars to the Islamic Revolutionary Guard's elite Quds Force (IRGC-QF).
Israel said its fighter jets then struck 70 military targets belonging to Iran inside Syria.
In addition, OFAC announced that it would be revoking two General Licenses issued pursuant to the JCPOA: General License H, which permitted foreign subsidiaries of US companies to engage in certain business activities with Iran, and General License I, which permitted USA persons to enter into contingent contracts for activities permitted under the JCPOA.
Under the JCPOA sanctions relief, US persons remained broadly prohibited from engaging in transactions with Iranian entities.
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