Sunday, 18 November, 2018

Hellenic Petroleum cautious on US Iran sanctions

Members of Code Pink from left including Sergei Kostin with the rainbow flag at left Paki Wieland white hair holding the sign Leah Brown holding the sign right Medea Benjamin and Tighe Barry rally in support of Iran's nuclear deal with world Carolyn Kaster AP Members of Code Pink rally in support of Iran's nuclear deal with world powers in front of the White House on Monday
Ray Hunter | 13 May, 2018, 01:03

The latest financial sanctions will affect Iran's basic ability to conduct trade and make it hard for other parties to the 2015 agreement - France, Britain, Germany, Russia and China - to keep the agreement alive, if they want continued unobstructed access to USA financial institutions.

Bruno Le Maire said Europe should not act as "vassals" to the United States or accept that it is the "world's economic policeman".

Trump fulfilled a campaign promise by announcing that he will withdraw the USA from the nuclear deal.

"Do we want to be vassals who obey decisions taken by the United States while clinging to the hem of their pants?", Mr Le Maire asked.

Analysts and officials say Trump threatens to create all by himself the kind of split between allies that Russian Federation and China have tried and failed to foster for years, with Europe now relying on Moscow and Beijing to keep the Iran deal alive.

The leaders of Britain, France and Germany tried but failed to persuade Trump to stick with the deal.

"Oil's always prone to rise on geopolitical tensions and the ongoing conflict between Iran and Israel is not something that can be resolved in the short-term", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone in Seoul.

Even the US needs global partners, she cautioned, saying: "No country is big enough to face this world alone".

Saudi Arabia, for instance, has the ability to crank up output.

"Other members of the Iran deal are going to have to make their own decision".

Japan, China agree on tie-up in service sector
The Japanese minister said in response that the two countries would exchange more opinions for closer economic ties. Abe called on the two sides to turn competition into coordination.

USA businesses will also be affected by the sanctions, although they represent a small portion of the investment rush that Iran enjoyed in light of the nuclear deal.

European Union foreign policy chief Federica Mogherini insisted that it's not up to the U.S.to determine the deal's future anyway.

"This deal is not a bilateral treaty".

Planemakers Airbus and Boeing, oil companies and auto manufacturers such as France's Renault and Peugeot could be among companies hardest hit.

"The US government still has in force numerous unilateral sanctions, largely prohibiting US companies doing business with Iran", it said.

"At the end of May I will meet with the British and German finance ministers and the three of us will look at what we can do".

The U.S. sanctions have a 180-day period during which buyers should "wind down" oil purchases, meaning any loss of supply will not be immediately felt - and companies don't have to rush to find alternatives. Another could be an independent financing mechanism allowing European companies to avoid US banks.

Oil prices steadied near 3-1/2 year highs on Friday as the prospect of new USA sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand, Reuters reports.

"Washington no longer wants to cooperate with the rest of the world and we are at the stage where we have to replace the United States", Juncker said in a speech in Belgium earlier this week.

Meanwhile, the U.S. government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.

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