Key week as Europe scrambles to salvage Iran deal

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Posted on May 14, 2018, 2:24 pm
6 mins

When Tehran-bound AF 378 took off from Paris in April 2016, it was a heady moment for European diplomacy and commercial interests.

Iran had signed a nuclear deal with six world powers the year before, including three from Europe. Businesses, from France’s Total to Germany’s Siemens and Italian steel firm Danieli, were scrambling for a share of a promising market. The Air France flight was the airliner’s first since 2008, when service was suspended amid global sanctions over Iran’s nuclear program.

Since then, the nuclear agreement has translated into billions of dollars in revenue and thousands of jobs for Europe, a windfall that now risks drying up with U.S. President Donald Trump’s decision to withdraw from it, and threats to sanction European companies doing business with Tehran.

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