Iran: Total has officially withdrawn from South Pars

Iran crisis Donald Trump and Hassan Rouhani

Iran crisis Total is scrapping plans for a £750million project in Iran

Despite pressure from Mr. Trump, Iran and other signatories of the nuclear deal, including Britain, France, Germany, Russia and China, have spent the past several months attempting to salvage the agreement.

Iran's Foreign Minister called for Europe's pragmatic steps to save Iran's interests under the 2015 global nuclear deal as the United States threatened to reimpose sanctions on the country's crude oil exports, Tasnim news agency reported on Sunday. "Iran relies mainly on its own capabilities to overcome America's new sanctions", he told a news conference broadcast on state TV.

Washington says it will reimpose sanctions on Iran's oil exports and banking sector on November 4.

Iran's oil minister said on Monday that France's oil giant Total SA has officially pulled out of Iran after cancelling its $5 billion, 20-year agreement to develop the country's massive South Pars offshore natural gas field over renewed USA sanctions. The agreement had imposed limits on Iran's nuclear ambitions in exchange for sanctions relief.

European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the deal, which Trump said was "deeply flawed".

Zangeneh said a "process" was under way to replace Total with another company. Insurers, which are mainly USA - or European-based, have begun winding down their Iranian business to comply with the sanctions.

On May 8, U.S. President Donald Trump pulled Washington out of the deal and vowed to reinstate sanctions against Tehran to make the latter "change behavior".

Iran crisis Total CEO and Hassan Rouhani
Total had agreed to develop phase 11 of Iran's South Pars gas field

The sanctions will cover Iran's purchases of US dollar, its trade in gold and precious metals, and its automotive sector.

The US leader said the pressure from renewed sanctions will eventually force Iran back to the negotiating table to agree to a new deal.

French President Emmanuel Macron has repeatedly called for safeguarding the Iranian nuclear deal and defended the interests of European Union companies in Iran.

Total's departure comes as a huge blow to Iran and is the first major energy scheme to be scuppered by United States sanctions.

They argue that the nuclear deal is working as intended in keeping Iran from obtaining nuclear weapons for now.

Still, Mohammad Javad Zarif said such measures have not been enough.

Under the 2015 deal, most worldwide sanctions on Iran were lifted in return for curbs on the country's nuclear program.

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