Bolton - US Sanctions 'Possible' on European Firms Over Iran

U.S. President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement

Bolton - US Sanctions 'Possible' on European Firms Over Iran

Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports from US sanctions. He declared he was making the world safer, but he also deepened his isolation on the world stage and revived doubts about American credibility.

It's likely to be then leaders such as Saudi Arabia and Russian Federation will consider whether or not fill in the gap for Iran.

"It is not yet clear which concrete sanctions the USA will impose".

Iran will prepare for the "industrial scale" production of nuclear fuel even as it seeks guarantees from other countries to honor the Iran deal despite the recent United States' withdrawal from the agreement. "If you do business with Iran and you want to sell to a large market like the USA, you will basically have to choose". Certain exemptions are to be negotiated, but Mnuchin refused to discuss what products might qualify.

The development came as Iran's foreign minister said he was hopeful of forging a "clear future design" for the pact, while speaking in Beijing at the start of a diplomatic tour aimed at rescuing it. Trump's announcement last Tuesday that the USA was exiting the 2015 nuclear accord was met with widespread dismay among its other signatories - China, Russia, France, the Britain and Germany.

Initial European reactions have been tough, with top officials vowing to stick to the Iran deal and denouncing Washington's pullout as destabilizing and detrimental.

Three of the main providers of cover to Iran's main tanker fleet - Skuld, the Swedish Club and West of England Club - said they didn't want to give any further guidance beyond what they published on their websites, saying the situation remains fluid.

Laying out his case, Trump contended, "If we do nothing, we know exactly what will happen".

Scholars Steven Simon and Jonathan Stevenson argue the bloc must "acknowledge the harsh reality that it has yet to act like an organization with a GDP roughly equal to that of the United States", they wrote in a New York Times opinion piece.

As of now, there's yet to be a step change in owners' approach to Iranian business, he said. But because the European Union and other intentional players have chose to stick with the deal, US sanctions are likely to affect only up to around 350,000 barrels a day, once reinstated within six months' time, according to analysts at MUFG Bank.

National Security Adviser John Bolton speaks on a morning television show from the grounds of the White House, on May 9, 2018 in Washington, DC.

The spokeswoman said May had told Trump that Britain and its European partners remained "firmly committed" to ensuring the deal was upheld as the best way to prevent Iran from developing a nuclear weapon.

Market participants said there were still many unanswered questions about how the United States might impact European companies.

Israeli Prime Minister Benjamin Netanyahu welcomed Trump's announcement as a "historic move". The main impact will be on the independent tanker operators, mainly Greek, who carried as much as 50% of the Iranian crude reaching China.

Thousands later demonstrated across the country to protest Trump's withdrawal from the nuclear deal.

Iran has denied ever pursuing nuclear arms.

However, Saudi Arabia - the de-facto head of OPEC - signaled this week it could up its own production to make up for lost barrels from Iran.

Trump spoke with French President Emmanuel Macron and Chinese leader Xi Jinping about his decision Tuesday.

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