Economy

Iran's foreign minister says China 'pivotal' to salvaging its nuclear deal

Iran's foreign minister says China 'pivotal' to salvaging its nuclear deal

Iran and other signatories, including China, have been trying to salvage the deal.

Francis Fannon, U.S. assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, Bloomberg said, citing a U.S. government official.

U.S. President Donald Trump pulled out of the 2015 deal in May.

The three European signatories to the nuclear deal, the United Kingdom, France and Germany agreed with China and Russian Federation last month to continue to support Iran through the reimposition of USA sanctions.

With tensions high ahead of the return of USA sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.

But Trump, a long-time critic of the deal who succeeded Barack Obama as president past year, pulled out of the pact despite repeated assurances by United Nations inspectors that Iran is in compliance with its obligations.

But US President Donald Trump chose to reimpose punishing sanctions against Iran, whom he has accused of posing a security threat.

Repeating the pattern of past weeks, crude prices on Friday ended the week down by 0.4 percent for West Texas Intermediate and 1.5 percent for Brent, this time in reaction to China state oil major Sinopec cutting its purchases of USA product due to the trade spat between both countries.

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In June, the US state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

If the US wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency.

"At 9pm [15:30 GMT on Friday] they attacked the school and tried to break the doors down and burn things", the Fars News Agency quoted the head of the school in the town of Ishtehad, Hojatoleslam Hindiani, as saying.

Iran has acquired five new airplanes a day before the United States is to begin restoring sanctions suspended under the 2015 nuclear deal.

The first phase hits on Tuesday with blocks on financial transactions and imports of raw materials, as well as sanctions on Iran's automotive sector and commercial aircraft purchases. -Chinese trade relations. The Trump administration this week said it would increase tariffs on China from 10 percent to 25 percent, prompting Beijing to say it wouldn't be persuaded by economic blackmail.

"China will continue to cooperate with Iran adhering to its worldwide obligations".

In July, Beijing lifted monthly oil imports from Iran by 26 percent.

The Trump administration had wanted Iranian oil exports cut to zero by November 4. The sanctions targeting Iran's oil industry could cut off a crucial source of hard currency.