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Europe unveils financial aid package for Iran

The EC stated that a multimillion-dollar assistance package for Iran was a sign it meant to keep the nuclear deal alive.

Europe unveils financial aid package for Iran

Brussels, August 24 - Neftegaz.RU. The European Commission stated on August 23 that a multimillion-dollar assistance package for Iran was a sign it meant to keep the U.N.-backed nuclear deal alive.

«Since the renewal of the EU-Iran relations as a result of the Iran nuclear deal, cooperation has developed in many sectors,» Federica Mogherini, the European foreign affairs representative, said in a statement. «We are committed to sustain it and this new package will widen economic and sectoral relations in areas that are of direct benefit to our citizens.»

The commission announced yesterday it adopted its 1st assistance program that provides $20.8 million to support an Iranian economy under U.S. sanctions pressure. The commission stated the 1st tranche was part of a broader $58 million package for Iran.

«They are part of the renewed cooperation and engagement between the EU and Iran following the conclusion of the Joint Comprehensive Plan of Action,» the commission's statement read.

Blocking statutes enacted by the European Commission were aimed at protecting companies that still do business with Iran, though French Total announced earlier this month it was leaving the country's energy sector.

Trump has said that any company that continues to work with Iran would be cut off from the U.S. economy. Earlier this week, German Foreign Minister Heiko Maas proposed the creation of the European equivalent of the SWIFT payment scheme to keep financial channels with Iran open.

SWIFT, based in Belgium, had no statement. Bypassing that mechanism would theoretically give European financial maneuvers freedom from U.S. sanctions.

Author: Daniel J. Graeber

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