USA 'dream' of halting Iran's oil exports won't come true: minister

Iran nuclear deal: Plan put forward to dodge US sanctions

Europe has pledged to protect the freedom of their economic operators to pursue legitimate business with Iran in light of the looming sanctions against the oil-rich state.

European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini talks to the media as she arrives for the informal meeting of European Union leaders ahead of the EU summit, in Salzburg, Austria, September 19, 2018.

The website of Iran's oil ministry, Shana.ir, quotes Bijan Zangeneh as saying the "US dream of getting Iran's oil exports (effectively) to zero won't come true".

EU and Iran agreed late Monday to establish a financial facility in the European Union to facilitate payments for Iranian imports and exports including oil.

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The European Union said Monday its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the USA withdrew from a nuclear agreement. In a joint statement, along with Russian Federation and China, the European Union said it will assist "reassure economic operators pursuing legitimate business with Iran".

Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

The Joint Comprehensive Plan of action, as the nuclear deal is officially known, was negotiated during the USA presidency of Barack Obama.




Al Jazeera's Shihab Rattansi, reporting from the United Nations headquarters in NY, said the new entity will act as a "clearing house, a middle man, so to speak, between Europeans and Iranians as they try to do business".

Highlighting just how hard it will be for the Europeans to come up with concrete solutions, French state-owned bank Bpifrance on Monday abandoned its plan to set up a financial mechanism to aid French companies trading with Iran.

The nuclear agreement is meant to prevent Tehran from developing nuclear weapons, but Trump announced in May he was unilaterally pulling out because he felt it wasn't strong enough and didn't cover other issues of concern to the United States and its allies, such as Iran's military influence in the Middle East and ballistic missile program.

On Tuesday, Mr. Trump's address to the world body is expected to focus heavily on Iran and the threat he says the Islamic Republic poses to Middle Eastern stability through its support for proxy forces in Syria, Lebanon and elsewhere.

Their impending return has contributed to a slide in Iran's currency.

The latest industrial action by oil truckers in Iran comes less than two months after the first set of US sanctions on Iran snapped back, and just six weeks before the second round of sanctions, including on Iran's key revenue source-oil exports-kick in. The rial has lost about two-thirds of its value this year, hitting a record low against the United States dollar this month.

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