German Foreign Minister calls for flexibility and pragmatism in Iran talks – Global Banking & Finance Review


FRANKFURT (Reuters) – German Foreign Minister Heiko Maas urged all parties to show flexibility and pragmatism in talks on the Iran nuclear deal which are expected to resume later on Saturday afternoon.

“It is about flexibility and pragmatism on the part of all parties involved,” he told Reuters.

“Playing to save time is not in anyone’s interest,” he added.

Talks between Iran and world powers aim to revive a 2015 nuclear deal that was scrapped three years later by then-President Donald Trump, who reimposed sanctions that slashed oil exports by Iran.

Iran retaliated by violating the limits imposed by the agreement on its nuclear program. He is now seeking to end US sanctions.

The new round of indirect talks is about how the two sides could resume compliance with the old nuclear deal, officially called the Joint Comprehensive Plan of Action (JCPOA).

Under the JCPOA, Iran has limited its nuclear program to make it more difficult to obtain fissile material for atomic weapons in exchange for easing US, European and UN sanctions.

The United States said Thursday it had lifted sanctions on three former Iranian officials and two companies that previously marketed Iranian petrochemicals, a first step called routine by a US official, but which could show the United States is ready to relax sanctions when warranted.

The global oil market is watching the talks closely as additional volumes of oil would weigh on prices.[O/R]

(Reporting by Sabine Siebold, written by Vera Eckert; editing by Toby Chopra, William Maclean)

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