"US: No Negotiations on Iran Nuclear Deal and Sanctions on Russia Exchange"

Ler Demands "Iran Business Exempt from Russia Sanctions"
Expectations of 1 Million Barrels Supply if Iran Nuclear Deal Reached

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The U.S. government has no exchange negotiations between the restoration of the Iran nuclear deal (JCPOA - Joint Comprehensive Plan of Action) and sanctions on Russia, and is seeking alternatives, the Wall Street Journal (WSJ) reported, citing a senior U.S. State Department official. Concerns are also rising that if the restoration of the Iran nuclear deal, which was nearing completion, fails, worries about supply in the international oil market will increase, leading to a continued surge in global oil prices.

On the 13th (local time), WSJ quoted a senior U.S. State Department official saying, "The restoration negotiations of the Iran nuclear deal are almost complete, but Russia's new demands are the biggest obstacle to the agreement," adding, "However, the U.S. will not negotiate exchanging sanctions on Russia related to the Ukraine invasion for the restoration of the Iran nuclear deal, and if Russia does not back down, the U.S. may seek alternatives next week and conclude a separate agreement excluding Russia."

Earlier, after the large-scale Western sanctions following Russia's invasion of Ukraine, Russia recently demanded that Western sanctions be exempted in future business with Iran. This is interpreted as effectively proposing a swap between the Iran nuclear deal and sanctions on Russia. If business with Iran becomes an exception to the sanctions on Russia, it would mean the West is opening a sanction evasion loophole.

Russia, as one of the key parties to the Iran nuclear deal, receives Iran's highly enriched uranium and exchanges it for natural uranium, and is responsible for converting Iran's underground Fordow nuclear facility into a research center. Especially with Iran's nuclear weapons development becoming visible, if the agreement collapses again due to Russia's demands, concerns are growing that Iran will pursue nuclear armament.

Earlier, on the 3rd, the International Atomic Energy Agency (IAEA) reported that Iran has stockpiled 33.2 kg of uranium enriched to 60%. This means Iran is only weeks away from being able to develop an actual nuclear weapon.

The surge in energy prices and inflation due to international oil supply issues is also a problem. If the restoration negotiations of the Iran nuclear deal fail again, concerns about oil supply will increase further. WSJ reported that if sanctions on Iran are lifted through the restoration of the Iran nuclear deal, more than 1 million barrels per day of Iranian crude oil could immediately enter the market, spreading market expectations that the surge in global oil prices will ease.

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