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U.S. set to reimpose sanctions on Iran after Trump junks N

U.S. set to reimpose sanctions on Iran after Trump junks N”

And now, with the reintroduction of economic sanctions on Iran, it looks like they aren't going to be happening.

The only certainty seems to be that the USA decision "does not target what is already in place", said Mahasti Razavi, a lawyer with the August Debouzy firm.

U.S. Treasury Secretary Steve Mnuchin said on Tuesday the measures would include cancelling export licenses issued to Boeing and rival Airbus SE to sell about $40 billion worth of jetliners to Iranian carriers.

Europeans were eager to renew business ties with Iran after the July 2015 landmark deal which opened up the prospect of winning market share in the country of 80 million desperate for investment and consumer goods. Still, the fact that Airbus has facilities in the United States forces the company to bow to USA law, making it impossible for the firm to complete the deal without facing penalties.

"We will consult with the U.S. Government on next steps".

The US Treasury says licenses held by aerospace giants Boeing and Airbus to sell passenger jets to Iran will be revoked after Washington announced its withdrawal from the 2015 nuclear deal.

According to The Washington Post, the two companies had signed agreements with Iran Air and Aseman Airlines, deals that will no longer be valid.

Scrapping the Iran deal may end up boosting Boeing, analysts said, as tensions in the Middle East inflate demand for the fighter jets, attack helicopters, bombs and missiles that Boeing produces. "This agreement remains important for our shared security".

This is while Iran's President Hassan Rouhani said following Trump's announcement that Tehran would stay in the JCPOA with other signatories and stressed that from now on everything depends on the country's national interests.

European businesses have the most to lose from renewed U.S. sanctions against Iran, analysts said Wednesday, with massive sums at stake for some of the continent's big names.

"You can try to circumvent sanctions, but not if you're a big company", he told AFP.

Mnuchin also insisted that the restrictions would not drive up oil prices because other suppliers would pick up the slack.

Iran ramped up its oil production by one million barrels per day after sanctions were lifted in early 2016.

In the past, Trump has sometimes said that the Europeans cared only about making money in Iran.



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