Iran Abiding by JCPOA Terms, IAEA Says in New Report

An Iranian man works on an oil production platform at the Soroush oil fields in the Persian Gulf

Britain, Germany and France have been scrambling to shield companies from the effects of new U.S. sanctions and protect Iranian oil revenues.

The U.S. announced its intention to leave the deal earlier this year, with President TrumpDonald John TrumpMichael Cohen: I pray Michelle Obama's words will unite country again Michelle Obama: "I stopped even trying to smile" during Trump's inauguration Trump wants to end federal relief money for Puerto Rico: report MORE calling it "a awful, one-sided deal that should have never, ever been made".

The latest tranche of measures have been touted as the toughest yet, and aim to significantly reduce Iran's vital oil exports and cut off its banks from worldwide finance. "Squeeze them until the pips squeak".

"We are also going to significantly increase the enforcement of sanctions".

The comments from Saudi Arabian Oil Minister Khalid al-Falih on November 12 shook global markets, where oil prices have plummeted since the United States announced last week that it was temporarily waiving sanctions on Iran's oil sector for many of Tehran's top oil customers, including China and India.

Touching upon the latest status of Joint Comprehensive Plan of Action (JCPOA), he went on to say that Germany and France are more committed than other countries to the agreement.

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"Others are getting to that point".

The latest batch of USA sanctions severely impacts Iran's oil industry, the major source of the country's foreign revenue.

Washington is demanding that Tehran end policies rooted in the 1979 Islamist revolution, including its support for regional proxies such as the Lebanese militia Hezbollah and its development of missiles.

The two sides discussed regional issues, relationship between Iran and Europe, US policies in worldwide arena and today's situation of Europe in the world.

The International Monetary Fund forecasts Iran's economy to decrease by 1.5 percent in 2018 and 3.6 percent in 2019.

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