Russia: Iran oil stabilizes global market

IRNA – Russian Permanent Representative to International Organizations in Vienna called for continuation of Iran oil exports.

Speaking in an interview with Russian media ‘Interfax’ on Tuesday, Mikhail Ulyanov expressed opposition to unilateral sanctions imposed by US on Iran.

Preserving Iran oil exports will bring stability to world oil market in sanction era, he said.

During the latest such meeting in Vienna on July 6, the participants ‘outlined a whole range of quite ambitious tasks, the accomplishment of which is aimed at ensuring the full-fledged implementation of the economic aspects of this agreement and offsetting the damage caused by the United States’ withdrawal from it,’ Interfax quoted Ulyanov as saying.

‘There is still a great deal of work to be done in order to achieve these goals, which are linked, among other things, with maintaining banking, investment, industrial, technological, trade, and transport cooperation with Iran. In all likelihood, it will be required to hold another whole series of meetings at different levels, including the ministerial level, in the coming months,’ he added.

Ensuring the sustainable implementation of the Joint Comprehensive Plan of Action (JCPOA) ‘is not a single-step act, but a process that could take quite long,’ he was quoted as saying.

US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement.

Trump also said he would reinstate the US nuclear sanctions on Iran and impose “the highest level” of economic bans on the Islamic Republic.

Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.