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EU vows to cover US losses for Iran

Tehran, The Europeans have promised to make up for Iran the loss resulted from some private companies' exit after the US sanctions, Iran's Vice-President said.

Iran and major world powers�the US, Russia, China, UK, France and Germany�signed the deal, known officially as the Joint Comprehenive Plan of Action (JCPOA), in 2015, under which Tehran accepted to curb its nuclear program in exchange for some economic sanctions relief.

The International Atomic Energy Agency (IAEA) in its latest report in May verified Iran's compliance to the deal for the eleventh time since the agreement was implemented in 2016.

Despite the commitment, US President Donald Trump withdrew from the deal on May 8, 2018, calling it the worst deal ever and re-imposed unilateral economic sanctions against Iran.

'The nuclear deal was a good opportunity for Iran to advance its development goals and improve its international status,' Eshaq Jahangiri said while touring the Islamic Republic News Agency (IRNA) on Saturday.

'But, the Americans delivered a blow to the deal by withdrawing from it,' he said, adding that Iran was still seeking its rights under the deal.

Describing the international reaction to the US decision as a political achievement, Jahangiri said the Americans are now isolated since all countries, except for a few, have supported Iran's position.

There has been no limit in doing business with Europe so far, including selling oil, he said, noting that some private European firms have left Iran with no great implication except for some agreements.

Europe have ensured that the loss would be compensated by small and middle enterprises (SMEs) before the main US sanctions on oil and banking ties take effect, the Vice-President said citing the Iranian Foreign Ministry.

Washington has urged its allies to cut their oil imports from the Middle Eastern country by November.

Source: Islamic Republic News Agency - IRNA