United States should honor Iranian nuclear deal commitment

Oil hits $77 for first time since 2014 after Trump scraps Iran nuclear deal - business live

Trump also said he would reinstate United States nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.

Major European powers and Tehran committed Tuesday to keep working together to save the Iran nuclear deal despite U.S. President Donald Trump's determination to kill it off. And firms would not be able to generate new business.

"Zarif is saying we have our hardliners and ... who knows what they're going to do", Maloney said.

The deal between Iran and six world powers lifted most global sanctions in 2016 in return for Tehran curbing its nuclear programme, under strict surveillance by the United Nations, to stockpile enriched uranium for a possible atomic bomb.

Earlier in the week, France, Germany and the United Kingdom expressed "regret and concern" over the US' withdrawal. France has been among the most vocal critics, after French banking giant BNP Paribas was fined almost $9 billion in 2014 for violating USA sanctions on Iran, Sudan and Cuba.

But it's not clear if those European efforts would succeed.

"I'm not the national security decision-maker", Bolton said, adding that Trump "makes the decision and the advice that I give him is between us".

A number of European companies, including Airbus, Siemens and Total, had established operations in Iran since the signing of the deal. Boeing separately struck another 30-airplane deal with Iran's Aseman Airlines for $3 billion at list prices.

LONDON, May 11 (Reuters) - European oil companies are not ruling out reducing Iranian oil imports after the threat of new us sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.

"We are not scared of sanctions", Ryabkov said. It has already delivered two A330-200s and one A321 to Iran. "America's position in the global banking system and the punitive measures they could take on countries and businesses in Europe that do business in Iran".

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The situation could revitalise Russian-Iranian economic ties that have been losing ground in recent years despite the involvement of Russian nuclear and oil giants in the Middle Eastern country.

Mnuchin did not spell out what the administration would consider as a "significant reduction" in purchases of oil. The credibility of USA as a responsible world power will be further questioned. A Chinese oil company also has a deal to develop the country's massive South Pars offshore natural gas field.

"An oil price increase is a hit to consumers in the form of higher gasoline prices, which means weaker spending on other items", said Gregory Daco, chief USA economist at Oxford Economics. Merkel said it was important to maintain a "strong transatlantic partnership" but added: "If everybody does what they like, then this is bad news for the world". They'd love to stay in the deal. PSA Peugeot Citroen, for example, sold over 3.6 million vehicles worldwide previous year. "It's clear that there should also be economic incentives - that will not be easy after the USA decision", Maas said.

In their opening remarks, Lavrov said Russia, Iran and the other signatories of the deal, including China and three European countries, should together "defend their legitimate interest stipulated by this agreement".

The growth in business has been most favourable to Iran so far.

In the past, sanctions against Iran have cut the country's crude exports by around 1 million barrels a day.

"The deal and the lifting of sanctions in 2015 marked the return of European business to Iran".

Other major producers could fill the hole left by Iran. European Union diplomats said they needed some time to understand the USA position.

Angela Charlton reported from Paris. "That is why Iran came to the table".

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