The Ministerial Meeting of the Foreign Ministers of China, France, Germany, Russia and the UK will set up a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran.
Namely, the participants considered ways forward to ensure the full and effective implementation of the JCPOA in all its aspects. They also took analyzed the process of finding and operationalising practical solutions for issues arising from the withdrawal of the US from the agreement and the re-imposition of sanctions lifted under the JCPOA.
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JCPOA is an international agreement on the nuclear program of Iran reached in 2015, between Iran, the EU, and the P5+1 (the five permanent members of the UN Security Council – China, France, Russia, United Kingdom, United States – plus Germany). On 8 May, US President Trump announced decision to withdraw the US from participation in the JCPOA (Joint Comprehensive Plan of Action) and to re-impose US nuclear-related sanctions,
Specifically, the participants recognised that Iran fully and effectively implements its nuclear-related commitments, as confirmed by twelve consecutive reports by the International Atomic Energy Agency, and reiterated the need to continue to do so. These countries will now continue to support the modernisation of the Arak research reactor as part of the JCPOA and the conversion of the Fordow facility in a nuclear, physics and technology centre. Participants also reaffirmed their support for projects in the area of civil nuclear co-operation.
What is more, the meeting agreed that the lifting of sanctions, including the economic dividends arising from it, is an essential part of the JCPOA. Participants also noted that they are determined to protect the freedom of their economic operators to pursue legitimate business with Iran.
Finally, the participants welcomed the fact that updates to the EU’s ‘Blocking Statute’ and the European Investment Bank’s external lending mandate to make Iran eligible entered into force on 7 August.