US withdrawal from the Iran Deal: Damage Minimization
Last Friday (May 18th), the European Commission announced the measures it will take to protect the European Union (EU) companies from adverse effects of United States’ withdrawal from the Joint Comprehensive Plan of Action (JCPOA). The deal, signed between the United States, China, France, Russia, the United Kingdom, Germany, and the EU on the one hand and Iran on the other, was designed to limit the latter’s nuclear activities in return for relief from economic sanctions. Having pulled the US out of the JCPOA, Donald Trump gave companies until August 6th (for automobile and civil aviation sectors) and November 4th (for energy and finance sectors) to scrap all existing contracts in Iran or face punitive measures.
Photo: Tehran, Iran. Kamyar Adl Flickr, Attribution 2.0 Generic (CC BY 2.0)