Details of proposed EU package to Iran

Details of proposed EU package to Iran
ID : N-2310 Date : 2018/07/10 - 13:50

(Persia Digest) – Pursuant to the meeting of foreign ministers from Iran and the 4+1 group in Vienna, “Donya-ye Eghtessad” newspaper in Tehran has claimed to have accessed details of the negotiations. According to a report by this newspaper, Iran and the three EU countries have conducted negotiations in the two areas of banking and oil sales.

In banking, the uropeans are seeking to create a channel whereby they can work with Iran. Considering US sanctions, the said channel must be sanction-proof. Hence, the EU is making efforts to set up a special account where it can keep Iran’s revenues centralized. This account will be opened with one or more European central banks. The Iranian and European parties share more or less similar views on financial and banking transfers, and the talks are said to be satisfactory.


Read more:

► Statement from the Joint Commission of the JCPOA

► Zarif: The will to keep the JCPOA must be implemented


Their views on the sale of oil, however, differ. Although Iran wants a guarantee for the quantity of oil it can sell, this is not mentioned in the EU package. The EU has agreed to continue its purchase of Iranian oil at the present level. Currently, Europe is purchasing around 500 bpd of oil from Iran. But this will drop in the coming months with the French Total and Italian Eni SpA oil and gas companies pulling out of Iran. Some sources in the oil industry say the purchase of 300 bpd of oil by Europe from Iran is a victory for the US.

The Iranian side has three distinct demands from the EU: 1) Defining current purchase levels and its guarantee, 2) Guaranteeing Iran’s access to its oil revenue from sales to countries such as China, India, Japan, and South Korea, and 3) Access to some of the money in banknotes. In this respect, Iran intends to transfer euros 300MM of its money from the Iran-Europe Commercial Bank (IECB) in cash by plane. Negotiations in this respect continue.

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