White House extends Iran JCPOA deal

White House extends Iran JCPOA deal

18/07/17

Sam Deave, Corporate Services Manager

US President Donald Trump has agreed that Iran is complying with the Joint Comprehensive Plan of Action (JCPOA) and therefore the lifting of oil and financial sanctions will continue.

By US law, the administration is required to notify Congress every 90 days whether Iran is living up to the deal. President Trump has repeatedly condemned the deal brokered by then-President Obama in 2015. However, the announcement on Monday marks the second time Trump’s administration has certified Iran’s compliance.

The move comes a week after Federica Mogherini, High Representative of the Union for Foreign Affairs and Security Policy, noted that while the EU respected the US’s review of the JCPOA, analysing Iran’s compliance was an international accord endorsed by the United Nations and, as a result, “The nuclear deal doesn’t belong to one country, it belongs to the international community“.

The historic deal, was agreed by China, France, Germany, the Russian Federation, the UK, the US, and Mogherini.

Boris Johnson, UK Foreign Secretary, also added to the debate last week when writing in the Washington Post. Despite being positive about the JCPOA’s implementation, saying it is the “best option for the international community”, Johnson said he shared “America’s strength of feeling over Iran’s disruptive role in the region”.

Iran’s Foreign Minister, Mohammad Javad Zarif, is yet to meet with his US counterpart, Rex Tillerson, but has said that Trump has already violated the agreement by pressuring US businesses not to engage with Iran. While EU companies are taking more interest in Iran, there is still much hesitation by UK corporates given the stance of the US.