Automakers scramble to make sense of US Iran sanctions


French foreign minister Jean-Yves Le Drian stressed the importance of protecting Israel's security but urged a "new path" of negotiations with Iran to calm tensions.

And, in their attacks on the Iran deal, some see an attempt to rewrite history. Iran's ports and shipping industry, its entire petroleum and energy sectors, and all foreign transactions with the Central Bank of Iran and other Iranian financial institutions will come back under USA sanctions.

"We will cooperate with other parties to ensure while Iran continues to restrict its nuclear programme its people will benefit from sanction relief".

The key issue is what impact any American retaliatory sanctions could have on Western companies, with PSA, Renault and many French and German auto suppliers beating a significant collective door to Iran during the past two years following Iran's emergence from the economic cold in 2015.

A fourth OPEC source also said it was too soon to tell if extra oil was needed, citing Iran's ability to keep much of its exports flowing under a previous round of sanctions.

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The train connection between Bayannur in China's Inner Mongolian Autonomous Region and the Iranian capital will shorten cargo shipment by 20 days.

"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.

As a result of the new USA sanctions, companies worldwide must stop doing business with Iran or risk US fines or other punishment.

A senior trader with another company said he expected banking to pose a major problem to Iranian oil trade and a third said even if waivers are granted, volumes would still decline. Europe traditionally has had closer business and diplomatic ties than the US, where the legacy lingers from the seizure of hostages at the American embassy in Tehran almost 40 years ago.

Igor Delanoe said that Russian Federation had a "real role to play" in Iran's energy and electricity sectors. Iran has become a new voice for moderation in oil markets, with the minister saying Sunday that a "suitable price" is $60 to $65 a barrel - below the reported $80 that the Saudis are seeking. Oil prices have been rising, however, as a worldwide glut of crude is burned off by strong global demand and limits on drilling by Saudi Arabia and other major producers.

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The implications of the USA withdrawal are multi-faceted.

"We are closely monitoring developments following (the) USA administration decision ... and will assess our position and commercial arrangements accordingly", Hellenic said. The Iran deal allowed the regime to continue enriching uranium, albeit slowly.

Senior administration figures insisted that Washington is still determined to work with its humiliated allies to prevent Iran from developing a nuclear bomb.

Conversely, the end of the deal hurts Iran. PSA Peugeot Citroen, for example, sold more than 3.6 million vehicles worldwide previous year. The flow of goods to Iran grew more modestly, from 6.47 billion euros to 10.8 billion euros.

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