Donald Trump 'open' to new nuclear deal with Iran

Iran’s President Hassan Rouhani delivers a speech after being sworn in before parliament in Tehran

Iran’s President Hassan Rouhani delivers a speech after being sworn in before parliament in Tehran

European allies tried and failed to persuade Mr Trump not to walk out of the 2015 agreement, under which Iran agreed to curbs on its nuclear program in return for the lifting of worldwide sanctions.

Rouhani also sought to downplay the impact of newly reimposed United States sanctions announced by the Trump administration on Monday - reiterating his unspoken theme that it is the USA, not Iran, that finds itself increasingly isolated.

EU foreign policy chief Federica Mogherini addresses a joint press conference before chairing a regular session of the International Donor Group for Palestine (Ad Hoc Liaison Committee (AHLC)) at the European Commission in Brussels on March 20, 2017.

Earlier on Monday, the EU said that starting August, it is enforcing its so-called Blocking Statute aimed at protecting the European companies doing business in Iran from the extraterritorial effects of USA sanctions. He says it left the Iranian government flush with cash to use to fuel conflict in the Middle East.

"If they (sanctions) are applied, then that person can go to the court to recover that damage".

The European Union voiced regret on Monday at the looming US sanctions.

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Foreign Secretary Jeremy Hunt issued a joint statement with EU foreign ministers on their "determination to protect" European businesses working with Iranian companies. "The pressure will not relent while the negotiations go on", said Bolton, one of the administration's main hawks on Iran.

The UK has joined forces with the European Union to take immediate action to preserve peace in the wake of USA sanctions, which came into force yesterday after it backed out of the Iran nuclear deal. The second round of sanctions, due in November, is expected to be tougher, as it will take hundreds of thousands of barrels of Iranian crude oil off the market, according to industry sources.

"The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance", he said in a statement.

Pompeo also said the U.S. has long designated Iran as the world's foremost state sponsor of terrorism and said it can not expect to be treated as an equal in the global community.

Trump officials pointed to the current unrest in the country and said they hoped that the protests, coupled with the new sanctions, would lead to less hostile behavior from the regime.

Beginning tomorrow, sanctions will be reimposed on purchase or acquisition of USA bank notes by Iran; transactions related to the Iranian rial, activities relating to Iran's issuance of sovereign debt and Iran's automotive sector.

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Since the August 6 date has been known for months, it's likely much of the market reaction to the sanctions is already factored in to Iran's currency pricing.

United States sanctions had been eased by the Obama administration under the terms of the landmark 2015 Iran nuclear deal.

With new US sanctions on Iran taking effect Monday, the USA secretary of state said it would take enormous changes from Tehran to avoid further pressure.

He alluded to Trump's suggestion last week of the potential for future negotiations with Tehran, a notion that senior Iranian officials quickly rejected.

Renewing sanctions against the Iranian regime will pressure the country's economy and further lower the value of its currency, National Security Adviser John Bolton said.

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