France and Germany have teamed up behind an initiative to ring-fence parts of Europe’s trade with Iran from the sanctions re-imposed on Tehran by the US.
Senior diplomats said that the countries would undertake shared responsibility for a so-called special purpose vehicle (SPV) to provide to mechanism which would enable European companies to obtain payment for exports to Iran.
US President Donald Trump announced in May of this year that Washington would pull out of the 2015 nuclear deal and roll back American penalties on Iran’s oil trade and banking activity.
Under the arrangement Paris and Berlin have agreed that a new corporation would be based in one state, while its leadership would be drawn from the other. The SPV would be owned directly by European governments in an effort to dissuade US officials from attempting to sanction participating companies.
British officials are said to be weighing up UK involvement in the mechanism. The EU were reportedly trying to enable participation by a further dozen countries. Architects of the plan have even explored the potential for involvement of other countries, such as China in the future.
They hope the vehicle may eventually obtain a bank license and become a formalised EU institution, though reports said officials acknowledged that the SPV would only protect a small percentage of pre-sanction trade between Europe and Iran.
Austria and Luxembourg were both approached to host the mechanism, but both declined to as a result of US pressure. Both countries had previously served as banking back channels for trade with Iran.
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However, US Ambassador to Germany Richard Grenell, warned the SPV and the show of defiance against US sanctions would “not be a smart move”.
“The U.S. will consider sanctions on those entities participating in these tactics,” he added.
The SPV was prompted by European desires to continue doing business with Iran, despite the US unilaterally withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action(JCPOA). Iran, and the other European signatories insisted they intended to keep the deal alive without the US, though the US has repeatedly threatened countries that continue to do business with Tehran with sanctions.
Washington announced it was pulling out of the deal in May, claiming Tehran had violated restrictions on its development of nuclear weapons, but both Iran and the European signatories denied that was the case, and insisted they would endeavour to keep the deal alive.
Andreas Schweitzer, managing director of Arjan Capital Ltd, a corporate and trade advisory firm for business looking to enter the Central Asian market said that it is to be expected that some European firms and governments would view the US sanctions as unilateral measure that do not affect third country trading with Tehran.
“It’s not about circumventing sanctions, the sanctions apply to a certain group, like US passport holders, USD denominated trades and certain product groups. If they don’t apply or a company has little or no US exposure they legally can do business with Iran.
He added, “At the end of the day it’s US law with a long reach, but it’s still economic leverage”.
“It’s not about circumventing; it’s about knowing how to live with them, some European firms can do that.
“In this sense this vehicle is very important, it allows the government to compensate the trade – they [the companies] are now dealing with their own government, not Iran anymore.”
The EU also reiterated its desire to preserve the JCPOA following a series of high-level meetings between EU and Iranian officials on Tuesday. However, during a meeting with Iranian Vice-President Ali Akbar Salehi, Federica Mogherini, the EU's High Representative for Foreign Affairs also stressed European concern over "Iran's role in the region."
Iran’s Foreign Minister Mohammad Javad Zarif visited Italy last week, reportedly discussing the mechancism, and the wider fallout from the US’ withdrawal of the JCPOA with his European counterparts. He has previously urged other companies to step in and fill the void left in trade by President Donald Trump’s decision.
It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
UAE currency: the story behind the money in your pockets
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Read more from Johann Chacko
Read more about the coronavirus
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