UPDATE - EU Believes No Credible Peaceful Alternative To Iran Nuclear Deal Exists - Commissioner

BRUSSELS (UrduPoint News / Sputnik - 15th November, 2018) The European Union believes that there is no credible peaceful alternative to the Joint Comprehensive Plan of Action (JCPOA), commonly referred to as the Iran nuclear deal, Vera Jourova, the European Commissioner for Justice, Consumers and Gender Equality, said.

"There is no credible peaceful alternative to the Joint Comprehensive Plan of Action. The deal with Iran is a key element of the global nuclear non-proliferation architecture," Jourova said during a plenary session of the European Parliament on Wednesday.

Jourova noted that preserving the Iran nuclear deal was a matter of security for the whole global community.

The official added that the European Union did not recognize the US extra-terrestrial sanctions arising from Washington's withdrawal from the JCPOA.

"We, Europeans, cannot accept that a foreign power, not even our closest friend and ally, takes decisions over our legitimate trade with another country. The ongoing work, led by France, Germany and the United Kingdom, aims at preserving the full and effective implementation of the Plan of Action in all its aspects and in line with UN Security Council Resolution 2231," Jourova pointed out.

Her speech was broadcast by the European Commission video service.

US President Donald Trump has for a long time been a critic of the Iran nuclear deal negotiated by his predecessor Barack Obama. In May, Trump announced the US withdrawal from the agreement, which ensures the re-imposition of Washington's sanctions on Iran, over Tehran's alleged failure to comply with the JCPOA, something denied by Tehran. Two rounds of sanctions have been reintroduced since then, with the large-scale restrictions covering oil exports being slapped on Iran on November 5.

However, other signatories to the deal - Iran, China, France, Russia, the United Kingdom, Germany, and the European Union - condemned the US withdrawal and said they would abide by the agreement.

The remaining parties to the agreement have taken steps to ensure that their trade with Iran will continue after the re-imposition of the US sanctions. Particularly, European diplomats have proposed to set up the so-called Special Purpose Vehicle (SPV) facilitating trade between European companies and Iran amid US sanctions.