How Trump’s Iran Deal Exit Could Hit Aviation and Car Industries

“I think the Europeans will see that’s in their interest ultimately to go along with this”, he said.

The agreement was made by Iran and the U.S., the UK, Russia, France, China, Germany and the European Union to ensure Iran’s nuclear programme was “exclusively peaceful”.

He said the sanctions would target industries mentioned in the deal, including Irans oil sector, aircraft manufacturers exporting to Iran and Iranian government attempts to buy USA dollar banknotes.

“The Prime Minister raised the potential impact of U.S. sanctions on those firms which are now conducting business in Iran”, her spokeswoman said. In 2013, for instance, India’s government data showed that Iran had slipped to the seventh position in the list of crude oil suppliers.

“The snap-back of US sanctions will have a major effect on shipowners and their insurers and Skuld and the IG are closely monitoring developments”, Skuld said on its website.

Shortly after the exchange launched, Reuters reported on March 29 that Chinese regulators had informally asked a handful of financial institutions to prepare for pricing China’s crude imports in the yuan, according to three sources at some of the financial firms.

Trump’s decision to leave the Joint Comprehensive Plan of Action was met with widespread criticism, save for USA allies in Israel and Saudi Arabia, the regional arch foe of Iran and de facto head of OPEC. On Saturday, French President Emmanuel Macron told Mr. Trump in a telephone call that he was anxious about stability in the Middle East, according to Macron’s office.

“The pull out of the Iranian deal and the pending election in Venezuela have clearly added to the uncertainties and premium”.

Responding to a question, Bolton said that the leadership of the previous Obama administration lied to the American people.

But Bolton didn’t rule out sanctions for European companies doing business with Iran. “There is no one who will realistically choose Iran over the US”, said energy consultancy FGE.

Mr. Bolton said Europe was still digesting the May 8 move by Mr. Trump.

Plane-makers Boeing and Airbus are probably the highest-profile casualties of the reimposed sanctions, as they had been planning to start selling aircraft to the Islamic Republic for the first time.

“President Trump has already stepped up pressure on OPEC to end supply cuts due to higher USA gasoline prices looming”, Citi analysts said.

OPEC Reportedly In No Hurry To Decide If Extra Oil Needed To Offset Iran