EU Commissioner in Iran to Discuss Trade Ties after US JCPOA Pullout

Miguel Arias Canete will meet with five top Iranian ministers over two days, including the country’s nuclear chief, oil minister and foreign minister, Reuters reported. 

Arias Canete is visiting Tehran on May 19-20 to hold talks on boosting energy cooperation with Iran.

It is the first visit by a European official to Tehran after the US withdrawal from the nuclear deal between Tehran and world powers, known as the Joint Comprehensive Plan of Action (JCPOA).

EU leaders have united behind the 2015 accord, with Brussels considering banning EU-based firms from complying with the sanctions that US President Donald Trump has reimposed and urging governments to make money transfers to Iran’s central bank to avoid fines.

Canete will raise with Tehran the possibility of EU governments bypassing the US financial system by making direct payments to Iran for oil exports and to repatriate Iranian funds in Europe - though the move will be up to member states.

In other efforts to shield European firms, the EU’s “blocking statute” would ban EU companies from complying with US sanctions and does not recognize any court rulings that enforce American penalties.

The EU is also seeking to allow the European Investment Bank to do business in Iran and to scale up euro-denominated credit lines from EU states.

In a speech from the White House on May 8, Trump accused Iran of sponsoring terrorism and seeking nukes before announcing the US withdrawal from the nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the controversial decision, Iranian President Hassan Rouhani said the country weighs plans to remain in the agreement with the other five parties, provided that the remaining JCPOA parties ensure its full benefits for Iran.