Over the past year, France has led a European push to keep trade with Iran alive...
PARIS - Over the past year, France has led a European push to keep trade with Iran alive after the United States tore up the nuclear deal with Tehran and re-imposed sanctions. But over the same period, data shows France has cut purchases of Iranian oil and sharply increased imports from Iran’s arch-enemy Saudi Arabia.
It also underscores how difficult it is for a global power and permanent U.N. Security Council member like France to stand up against the United States and its closest Arab-world ally when they are determined to put the squeeze on Iran. The sharp drop-off in Iran’s ability to sell its oil internationally has hit the economy hard, delivering exactly the impact the Instex system is designed to prevent in the long-term.
Industry sources say Saudi and Iranian crude oil have very similar properties that make them good substitutes. Over the same period, Paris also substantially increased its purchases of Russian and Iraqi crude, which are also similar. However, U.S. President Donald Trump, who arrived in the White House as Iran’s economy was reaping the benefits of the deal, called it “the worst ever negotiated”. He pulled the United States out, re-imposed tough sanctions, including on Iran’s oil sector, and threatened punishment for allies like France who kept doing business with Tehran.
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