France pushes $15bn credit line plan for Iran, if US allows it

17:59 • 03.09.19
Event

France has proposed offering Iran about $15 billion in credit lines until year-end if Tehran comes fully back into compliance with its 2015 nuclear deal, a move that hinges on Washington not blocking it, Reuters reports, citing Western and Iranian sources.

French Foreign Minister Jean-Yves le Drian said talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, were continuing, but US approval would be crucial.

The idea is “to exchange a credit line guaranteed by oil in return for, one, a return to the JCPOA (Iran nuclear deal)...and two, security in the Gulf and the opening of negotiations on regional security and a post-2025 (nuclear program),” le Drian told reporters. “All this (pre)supposes that President Trump issues waivers.”

European leaders have struggled to dampen brewing confrontation between Tehran and Washington since U.S. President Donald Trump pulled out of the deal, which assures Iran access to world trade in return for curbs on its nuclear program.

The United States reimposed sanctions on Iran last year and tightened them sharply this year. Iran has responded by breaching some of the limits on nuclear material in the deal, and has set a deadline for this week to take further steps.

French President Emmanuel Macron has spent the summer trying to create conditions that would bring the sides back to the negotiating table. At a G7 meeting in France last month, Trump appeared open to the idea of credit lines, though U.S. officials later ruled out lifting sanctions as a condition for new talks.

An Iranian delegation was in Paris on Monday, including oil and finance officials, for talks to fine-tune details of credit lines that would give Iran some respite from sanctions that have crippled its economy and cut off its oil exports.

 

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