Boris Johnson joins fight to keep Iran nuclear deal alive

Donald Trump Xi Jinping

Moreover, Trump's decision seems to have angered European officials, with Europe set to lose out billions of dollars' worth of trade deals if the Iran sanctions are reimposed.

After sanctions were eased as part of the nuclear agreement, Iran ramped up production to about 3.8 million barrels a day.

Crude prices rose sharply this week to the highest level since 2014 on expectations that US sanctions will crimp exports of Iranian crude.

Ship insurance was a critical hurdle when sanctions were previously imposed on Iran because tanker operators couldn't obtain the level of cover that's considered standard across the oil industry. They include retaliatory sanctions, allowing the European Investment Bank to invest directly in Iran and coordinating euro-denominated credit lines from European governments.

"[New Zealand companies] will lose in this sanction, we can buy, for example butter, from many other countries, that is why it is not in favour of New Zealand, it will not serve the New Zealand companies' interests". This formula, during pre-JCPOA years, halved Iran's oil exports and limited it to almost one million barrels per day in exports.

"In the short to medium term, I do not envisage a fall in Iranian exports to below one million barrels a day".

White House national security adviser John Bolton made headlines upon his appointment for his history of controversial opinions on foreign policy - but Bolton declined to say Sunday whether he's brought those opinions with him to the White House.

"Europeans are going to face the effective US sanctions", Mr. Bolton said on ABC's programme, "This Week".

"We don't want the United States pullout from the Joint Comprehensive Plan of Action to become a prelude for a further spike in military tensions in the Middle East, although the danger of this is evident", Ryabkov said, adding, "This danger followed the U.S. decision and what happened then is growing, according to our assessments". "I think that will sink in and we'll see what happens then".

Meanwhile, the Kremlin said that Russian Federation and its ex-Soviet allies will sign a free trade pact with Iran.

He said that because of the deal, Iran was able to take advantage of turmoil in the region to advance its interests all across the Middle East, in Iraq, in Syria, in Lebanon, in Yemen, so that the consequences of being able to sell Iranian oil without restriction on the worldwide market were providing them resources not just for their nuclear programme, not just as the world's central banker of global terrorism, but conventional hostilities across the region as well.

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Where does New Zealand stand?

On May 8, the US President Donald Trump put an end to Washington's commitments under the nuclear deal walking away from the Joint Comprehensive Plan of Action (JCPOA), reached in 2015 between Tehran and the six world powers.

"It is exactly when the things don't go well that rationality, calm, predictability, respect, dialogue are the most needed to avoid the worst case scenarios, to avoid conflict to spiral out of control", she said. "But it's unlikely they can keep doing business today, giving room to Russian Federation", said independent political scientist Vladimir Sotnikov.

According to the Russia Today, the three leaders said in a joint statement: "France, Germany and United Kingdom voice their concern and regret of the USA decision to withdraw from the joint comprehensive plan of action (JCPOA) for settling the Iranian nuclear program".

"U.S. Iran sanctions are hardly hitting any U.S. companies, but aim primarily at European ones", Carl Bildt, the former leader of Sweden who is now co-chair of the European Council on Foreign Relations, said in a tweet.

"Waivers seem a sensible course of action", the third source said, referring to potential exemptions from the latest US sanctions. In late April 2018, daily spot prices for Brent crude oil reached US$76/b, the highest level in almost four years.

And Germany said it will spend the next few months trying to persuade Washington to change its mind.

Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the United States government to change its behaviour".

Altmaier said there was a deadline of up to 90 days for foreign firms to comply with USA sanctions or face penalties.

Maltzahn, the German ambassador to Tehran during the European Union's earlier round of nuclear talks with Iran in 2003-05, tells TRENDS the undermining of collective agreements carries dangers for the Middle East and the wider world.

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