Europe to open bank accounts for Iran to secure oil revenues

Nuclear Program Materials 5 September 2018 12:01 (UTC +04:00)

Tehran, Iran, Sept. 5


Iranian Deputy Foreign Minister Abbas Araqchi said Europe is seeking to open special bank accounts for Iran to secure its oil exports and ease repatriation revenues.

“Currently, we are holding close and intensive talks with Europe over their promises to salvage the 2015 nuclear deal between Tehran and world powers,” Araqchi said, Fars news agency reported.

He added that Europe plans to open new accounts or activate old accounts for the Iranian Central Bank in spite of US sanctions to sustain the Iranian nuclear deal and easily repatriate global oil export revenues.

Stressing that the EU should do more to save the deal as it is an issue of security for them, the official noted that there is a deadline for the EU to offer its practical proposals and the date is Nov. 4.

The EU has vowed to fight to preserve the Iran nuclear deal after the US withdrawal in May, one of many points of US-European contention.

The EU’s blocking statute entered force on August 6, when the first set of US sanctions took effect. The second set is due November 4, just before US legislative elections.