EU Commission Sees Ability To Make Payments In Iran As Important Part Of Preserving JCPOA

(@ChaudhryMAli88)

EU Commission Sees Ability to Make Payments in Iran as Important Part of Preserving JCPOA

MOSCOW (UrduPoint News / Sputnik - 23rd August, 2018) The European Commission regards the ability to carry out financial transactions in Iran despite US sanctions an integral component of saving the Iranian nuclear deal, a Commission spokesperson told Sputnik on Thursday, amid Germany's proposal to make a new payment system to replace SWIFT.

On Tuesday, German Foreign Minister Heiko Maas suggested that the European Union should set up payment systems independent from the United States and develop its own equivalent of the SWIFT system to protect EU companies from US sanctions against Iran.

"When it comes to the Iran nuclear deal, you know that the European Union remains fully committed to it and is working to preserve the agreement, as long as Iran respects its commitments.

The ability to make payments in Iran is an important component of the preservation of the agreement," the spokesperson said.

In May, US President Donald Trump announced that the United States would withdraw from the landmark Iran nuclear deal and reinstate sanctions on Tehran that were lifted under the agreement.

The European Union responded to Trump's move by activating the EU Blocking Statute that exempts the EU companies doing legitimate business in Iran from complying with the US restrictions.