Europe to back firms trading with Iran: Italian MP

Rome, July 19, IRNA – The European Union will support companies in the continent which are doing business with Iran in the face of repercussions of the US sanctions, an Italian Member of Parliament said.

Currently a package of practical measures is being prepared which will take effect in August, Italian media quoted Isabela De Monte as saying on Thursday.

The EU Foreign Policy Chief Federica Mogherini is determined to mitigate possible effects of the US sanctions on the European companies that have invested in Iran, De Monte said.

Mogherini is also seeking to embark on measures to maintain the good economic and trade relations between EU and Iran established following the nuclear deal, said the Italian lawmaker, referring to the nuclear agreement between Tehran and the major world powers in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA).

Iran and the five permanent members of the UN Security Council (the US, France, Britain, China, and Russia) plus Germany signed the nuclear deal in 2015. Iran accepted to curb its nuclear program in exchange for economic sanctions relief.

US President Donald Trump withdrew from the deal on May 8, calling it the worst deal ever. Washington has also re-imposed the economic sanctions the first set of which will take effect on August 6.

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