EU reiterates commitment to Iran N-deal after Trump’s decision

"As a first step, we will coordinate with the E3 and the other EU Member States to jointly assess the statement and its implication," the Spokesperson on the Iran Nuclear Deal said in a statement on Friday.

The EU official stressed that the 28-nation union remains committed to the "continued full and effective implementation" of the Joint Comprehensive Plan of Action.

The JCPOA (the Joint Comprehensive Plan of Action) was signed in 2015 by Iran and the 5+1 group – China, France, Russia, the United Kingdom, the United States and Germany.

But US President Donald Trump said Friday he would allow for the sanctions to be suspended for another 120 days while his country negotiates with Europe a fix for what he previously called the ‘worst deal ever’. Also on Friday, the United States imposed separate sanctions on a dozen Iranian individuals and Iranian entities.

Earlier, a spokeswoman for the German Foreign Ministry announced that Berlin would consult EU partners on a common stance toward the US decision to temporarily waive sanctions.

"We have noted today’s US announcement on the Iranian JCPOA nuclear deal," the spokeswoman said in a statement. "We are going to consult with our European partners next to discuss a common approach."

She said the German government would continue to advocate the full implementation of the Joint Comprehensive Plan of Action.

Despite Washington’s hostile approach to the landmark nuclear deal, Iran and Italy have on Friday signed a credit agreement, totaling to €5 billion ($6 billion), which provides financing to industrial and development projects in the Islamic Republic, including those in infrastructure, construction, oil and gas, electrical energy, and the chemical, petrochemical, and metallurgical industries.

Commenting on the contract, Mohammad Khazaei, president of the Organization for Investment, Economic and Technical Assistance of Iran (OIETA), said that "it shows the determination of the European Union in working with Iran at the current juncture — which will be beneficial to all."

MNA/SPUTNIK