Some European companies can still buy Iran’s oil as they do not have interests in the US and aren’t concerned about the US sanctions on Iran, Iran’s former foreign minister Kamal Kharrazi said during an interview with French daily Le Monde this week.
Key quotes
Italy and Greece stopped buying Iranian oil after November even though the US granted them waivers. This shows that those countries made a political decision.
Iran will begin enriching uranium to a high-level if the EU, Russia and China don’t fulfill within 60 days their commitment to protect Iranian oil trade from the US sanctions.
Europe has created a mechanism called Instex to preserve its trade relations with Iran, despite US banking sanctions. It seems to us that two months should be enough to launch the first transaction.
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