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Iran ready to return to abide by nuclear agreement in return for opening a credit line

UNITED STATES, WASHINGTON (OBSERVATORY) — Iran said on Wednesday it was ready to return to full implementation of its nuclear program in exchange for a $ 15 billion credit line currently under negotiation with the Europeans.

Tehran and three European countries – France, Germany and Britain – have been discussing for days how to salvage the 2015 agreement in Vienna to curb Iran’s nuclear program, which Washington pulled out in 2018 and imposed economic sanctions on Iran.

Under the deal, part of the international sanctions against Iran was lifted in return for the Islamic Republic severely curtailing its nuclear program, making it impossible to obtain an atomic bomb.

In response to the reinstatement of US sanctions, Iran began to abandon some of its obligations under the Vienna agreement and threatened to dissolve itself more than from September 7.

Iranian Deputy Foreign Minister Abbas Araghchi said Iran “will not return to full implementation of the nuclear deal unless it can export its oil and receive its revenues in full,” the official IRNA news agency and other Iranian media reported.

Araghchi said that “the French proposal revolves around this subject,” referring to the initiative of French President Emmanuel Macron on preventing the collapse of the nuclear agreement in full.

According to IRNA, Araghchi, who was in Paris on Monday with a team of Iranian negotiators, confirmed that the talks centered on opening a credit line “with a budget of fifteen billion dollars for four months.”

The loans are worth a third of the value of Iran’s export earnings from oil derivatives in 2017, and will be repaid through future oil sales, according to a French diplomatic source.

Araghchi also pointed to “clear differences” between the parties to the negotiations, ruled out that “the European countries can take an effective step until next Saturday,” and therefore “the third stage of reducing Iran’s nuclear obligations will enter into force in the said date.”

Iranian President Hassan Rouhani said on Tuesday that “the third phase” of Iran’s plan to reduce its commitments will be implemented as planned “in the coming days” unless other parties take “concrete action.”

After Rouhani’s comments, Paris warned Iran that the resumption of the third phase of renunciation of its obligations would “send a clear negative signal.”

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