The European heads of state have rejected “ultimatums” from Tehran to prevent its collapse of the Iran nuclear deal.
Iran on Wednesday announced they had suspended two commitments under the 2015 accord in response to the economic sanctions imposed by US last year. They also threatened to step up uranium enrichment if they were not shielded from the sanctions in 60 days.
Under the nuclear deal, the Joint Comprehensive Plan of Action (JCPOA) Iran agreed to limit its nuclear activities in return for sanctions relief.
However a year ago the President of the United States Donald Trump decided to abandon the deal saying it was “horribly one-sided” and needed to be renegotiated, hence he began reinstating sanctions. In November last year, Trump targeted Iran’s oil and financial sectors.
The Iranian economy has now slid towards a deep recession, devaluing its currency to record lows, and quadrupling its annual inflation rate.
According to the Iran Nuclear Deal, Iran agreed to limit its enrichment of uranium, which can be used to make reactor fuel but also nuclear weapons, and to sell surplus stocks. It also said that it would redesign a heavy-water nuclear reactor at Arak, whose spent fuel would contain plutonium suitable for a bomb, and sell any surplus heavy water.
However, President Hassan Rouhani agreed to stop immediately sales of enriched uranium and heavy water instead build up the nations stockpile. He added that the sale would resume if UK, France, Germany, Russia and China committed to protect Iran’s banking and oil sectors within 60 days.
If not, Iran will no longer observe a key commitment not to enrich uranium to concentrations higher than the 3.67% required for reactor fuel. Weapons-grade uranium is at least 90% enriched. The nation will also halt the redesign of the Arak heavy-water reactor.
Source : Various