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Iran Threatens To Abandon Nuclear Deal If Western Banks Don’t Start Doing Business

Iran Threatens To Abandon Nuclear Deal If Western Banks Don’t Start Doing Business

Iran says it will withdraw from the 2015 nuclear deal if big banks continue to avoid doing business with the Islamic republic, deputy foreign minister Abbas Araghchi said on Thursday, speaking from London.

The Islamic Republic agreed to restrict its nuclear program in exchange for the removal of crippling sanctions by the United States, Britain, China, France, Germany and Russia.

Following the deal, however, major banks have continued to avoid doing business with Iran for fear of violating remaining U.S. sanctions – which Iran says has hampered their efforts to rebuild foreign trade and attract investment.

Most of it is because of this atmosphere of uncertainty which President Trump has created around JCPOA, which prevents all big companies and banks to work with Iran, it’s a fact, and it’s a violation lead by the United States. –Abbas Araghchi

Compounding Iran’s woes are comments from President Trump, who told Europeans on January 12 that they must “fix the terrible flaws of the Iran nuclear deal” or he would re-impose the sanctions lifted by the Obama administration as part of the pact. Trump set a May 12 deadline to review fresh “waivers” on U.S. sanctions.

The May 12 deadline represents an opportunity for Trump to pull the U.S. out of another international deal. He has already abandoned the Paris climate accord and the Trans-Pacific Partnership, a 12-nation trade deal. He wants to renegotiate the North American Free Trade Agreement, a 24-year-old trade pact with Canada and Mexico. USA Today

Trump sees three major defects in the deal; its failure to address Iran’s ballistic missile program, the terms by which inspectors are allowed to visit suspected Iranian nuclear enrichment sites, and “sunset” clauses on Iran’s nuclear program which expire after 10 years.

Araghchi contends that Trump’s interpretation of the sunset clause is incorrect, and that Trump’s continued trash-talking is in violation of the deal itself;

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