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Bolton warns economic sanctions possible for business with Iran

Bolton warns economic sanctions possible for business with Iran

The sanctions depend on the conduct of their respective governments, he said.

France has pledged to push back against the threat of U.S. sanctions against French companies doing business with Iran, in the wake of Washington's withdrawal from the worldwide nuclear agreement with Tehran. He announced that the USA will not hesitate to impose sanctions on any nation that helps Iran's interests.

It is "possible" the US may impose sanctions on European companies that keep doing business with Iran, national security adviser John Bolton warned Sunday on CNN's "State of the Union".

Rouhani said earlier in the week that Iran would remain in the 2015 pact, also known as the Joint Comprehensive Plan of Action (JCPOA).

Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behavior as well".

"There is a realization among all European states what we can not keep going in the direction we are headed today whereby we submit to American decisions", said French Finance Minister Bruno Le Maire. "They have always been after the toppling of Iran's regime and this exit is in line with that aim", Khatami said in a televised address to worshippers at Tehran University. Some have called for Iran to pull out of the agreement.

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Le Maire proposed creating a European body that would have the same kind of powers that the U.S. Justice Department has to punish foreign companies for their trade practices. Zanganeh said foreign investment was needed to develop Iran's its oil industry, but that it could survive even if foreigners made a decision to stay away for fear of USA penalties.

The US withdrawal from the Iran deal has upset Washington's European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East.

Fellow signatories to the deal have been quick to denounce Trump's decision.

Many informed sources speculate that Trump's tweet in April which blamed OPEC for high oil prices might be playing a part in the negotiation process that is underway to reach an understanding with Saudi Arabia.

Planemakers Airbus and Boeing, oil companies and auto manufacturers like France's Renault and Peugeot could be among companies hardest hit.

Europeans are most anxious about how to sustain incentives for Iran to stick to the groundbreaking accord signed by world powers in July 2015, which lifted global sanctions on Iran in 2016 in return for Tehran shutting down its capacity, under strict surveillance by the United Nations nuclear watchdog, to stockpile enriched uranium for a possible atomic bomb.

China also signed off on the 2015 deal. "That is what we have done and that is what we will continue doing", Netanyahu said.