BICOM

The UK, France and Germany will today launch a multimillion Euro credit line to boost trade between the EU and Iran in a bid to save the JCPOA nuclear agreement.

The new initiative is expected to be formally presented at a meeting in Vienna by the commission that oversees the JCPOA agreement. The remaining signatories to the agreement, Iran, France, Germany, the UK, China and Russia are expected to attend. Iran has already indicated that the idea is not enough to prevent it ending its compliance with certain restrictions in the agreement.

Iran has already announced plans to accelerate the production of enriched uranium and expand its stockpile beyond the 300kg limit in the agreement. Iran’s President, Hassan Rouhani, called on the US to drop sanctions against the Islamic Republic and return to the agreement as the “shortest way to secure the interests of all sides.” Rouhani described a US return as “good for the world, the region, and especially the international [nuclear] non-proliferation treaty”.

In a less emollient statement, Supreme Leader Ayatollah Khamanei said: “The Iranian people will never bow to the most hated and malevolent government in the world.”

The UN Security Council met yesterday to review the implementation of the agreement. The British Ambassador to the UN, Dame Karen Pierce, said: “As Iran remains in full compliance, the UK will do everything we can to support the JCPOA. If Iran does go over the limits specified, the nonproliferation benefits of the deal will be eroded. I urge Iran to continue to implement its commitments in full.”

Iran will take further steps on 7 July to reduce its commitments under the agreement, Iran’s Supreme National Security Council confirmed on Tuesday. Further steps could include enriching uranium to levels beyond the 3.67 percent threshold stipulated by the nuclear agreement, and possibly restarting the development of a heavy-water reactor.

The Guardian reports today that the White House intends to ask Germany, France and the UK to pull out of the JCPOA if Iran breaks its commitments. European leaders are expected to urge the US to deescalate the crisis during talks at the G20 summit in Japan on Friday.

Speaking to Fox News on Wednesday, President Donald Trump, when asked if war with Iran is imminent, said: “I’m not talking boots on the ground. I’m just saying if something would happen, it wouldn’t last very long.”