The discussions between Iran and the signatories to
the JCPOA, Joint Comprehensive Plan of Action, also known as 2015 nuclear deal,
continue in Vienna, the Austrian capital.
Although there was some speculation of a
breakthrough last week, a new impasse appears to have emerged, according to
Iranian news media.
Last week, Seyed Abbas Araghchi,Iran’s Deputy
Foreign Minister, hailed the ongoing discussions as ‘serious interactions’.
This week, however, Iran has hardened its position somewhat: it wants ‘other
side’ do display what it called the ‘political will and seriousness’; it even
issued a warning, ‘Otherwise, there will be no reason to continue negotiations.’
During President Trump’s term, the US had slapped
Iran with 1600 sanctions, a staggering number in a period of little over two
years.
Iran has demanded that 1600 sanctions should be
lifted all at once, subjected to ‘verification’ by Iran and its closest allies.
Iran says that the Islamic Republic should be able
to sign its oil contracts and export its oil, and transfer its revenues through
banking channels to the country or consider other uses for it. In the banking
sector, meanwhile, it should be able to perform its financial transactions through
various financial channels. Only then can it be assured that the lifting of
sanctions will have practical effects.
It is clear that Iran is desperate to sell its oil
to earn revenue as a matter of urgency, along with the banking sector returning
to normal functioning at international level.
As the US started picking on the companies and
shipping firms caught up in sanction-busting activities, Iran’s options are
slowly running out unless it shows some flexibility in the discussions over the
JCPOA.
Both sides, meanwhile, agreed to extend the
discussions and political analysts believe there will be a mutually acceptable
solution in the end.
Crude oil analysts, meanwhile, take seriously into
account Iran’s entry into crude oil markets at some point this year while
making their future calculations; Iran has been producing oil at a record rate
despite the sanctions in the hope it may see a day sans sanctions at some
point.
