Iranian Foreign Minister Mohammad Javad Zarif said Tehran would only reverse its violation of the 2015 nuclear deal if the US lifted all sanctions. AFP
Iranian Foreign Minister Mohammad Javad Zarif said Tehran would only reverse its violation of the 2015 nuclear deal if the US lifted all sanctions. AFP
Iranian Foreign Minister Mohammad Javad Zarif said Tehran would only reverse its violation of the 2015 nuclear deal if the US lifted all sanctions. AFP
Iranian Foreign Minister Mohammad Javad Zarif said Tehran would only reverse its violation of the 2015 nuclear deal if the US lifted all sanctions. AFP

Iran insists all sanctions be lifted after US offers to revive talks


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Iran on Friday renewed its call for the United States to lift all sanctions imposed by former president Donald Trump, a day after the Biden administration offered to hold talks on reviving the 2015 nuclear deal from which his predecessor withdrew in 2018.

Iran will "immediately reverse" its retaliatory measures if the US "unconditionally and effectively" lifts "all sanctions imposed, reimposed or relabelled by Trump", Iranian Foreign Minister Javad Zarif said on Twitter.

The Biden administration on Thursday offered talks with Iran led by European allies and reversed two largely symbolic steps against Tehran imposed by Mr Trump, as it sought to salvage the nuclear deal aimed at preventing Tehran from developing atomic weapons.

Iran said it would restrict access provided to UN nuclear inspectors from Sunday unless Mr Trump's sanctions are lifted, a further breach of the terms of the 2015 pact.

US Secretary of State Antony Blinken warned jointly with European powers that the move would be dangerous, after speaking to his French, British and German counterparts on Thursday.

Hours later, the US accepted a proposal by European Union political director Enrique Mora for an "informal meeting" involving Iran.

"The United States would accept an invitation from the European Union High Representative to attend a meeting of the P5+1 and Iran to discuss a diplomatic way forward on Iran's nuclear programme," said State Department spokesman Ned Price.

The P5+1 – comprising UN Security Council permanent members Britain, China, France, Russia and the US, plus Germany – sealed the 2015 deal brokered by US president Barack Obama under which Iran drastically scaled back its nuclear programme in exchange for promises of economic relief.

Mr Trump reimposed sweeping sanctions on Iran after pulling the US out of the pact three years later, citing Iran's missile development programme and regional interference.

Mr Zarif's tweet did not explicitly address the Biden administration's offer of talks.

Iran has demanded an end to US sanctions before reversing its breaches of the pact since 2018.

A senior US official said the Biden administration was showing good faith and saw a meeting as the start of a "prolonged path" to restoring and building on the nuclear accord.

If Iran declines to meet, "I think it would be both unfortunate and at odds with their stated view that they want to come back if you come back".

"That's not going to happen simply by one side telling the other one what to do," the official said.

Britain welcomed the proposed talks. "The UK will participate," a spokesperson said.

However, Britain's junior foreign minister told the BBC on Friday that the West should not send signals that it is prepared to overlook Tehran's breaches of the accord.

"I don't think that we should be sending a signal that we are going to overlook this non-compliance or just brush it under the carpet," said James Cleverly, who covers the Middle East and North Africa.

"This is in Iran's hands, they are the ones breaching the conditions of the [deal], they are the ones that can do something about this, and they should come back into compliance," he said.

Joe Biden said he will not remove Mr Trump's sanctions until Iran returns to compliance – but the administration on Thursday undid two symbolic steps by the previous administration.

In a letter to the United Nations, the US said it no longer believed that the world body had "snapped back" sanctions on Iran.

Mr Blinken's predecessor, Mike Pompeo, last year said that the US was still a participant in the Security Council resolution that blessed the nuclear deal, despite withdrawing later, and therefore could reimpose sanctions.

The argument was dismissed by the UN and close US allies.

In his tweet, Mr Zarif said Iran agreed with the Biden administration's decision.

"US acknowledged Pompeo's claims" regarding UN Security Council Resolution 2231 "had no legal validity. We agree," he wrote.

The Biden administration also reversed curbs on Iranian diplomats in New York who were barred from all but a few blocks around the UN and their mission.

Under the terms of a bill adopted by its conservative-dominated parliament in December, Iran will restrict some inspections by the International Atomic Energy Agency if the United States does not by Sunday lift its sanctions imposed since 2018.

This photo, provided by Iran's Atomic Energy Organisation, shows Iranian Parliament speaker Mohammad Bagher Ghalibaf (R) and the head of the Iranian Atomic Organization Ali Akbar Salehi (L) visiting the Fordo Uranium Conversion Facility on January 28. AFP Photo / HO / Atomic Energy Organisation Of Iran
This photo, provided by Iran's Atomic Energy Organisation, shows Iranian Parliament speaker Mohammad Bagher Ghalibaf (R) and the head of the Iranian Atomic Organization Ali Akbar Salehi (L) visiting the Fordo Uranium Conversion Facility on January 28. AFP Photo / HO / Atomic Energy Organisation Of Iran

IAEA chief Rafael Grossi will to travel to Tehran on Saturday for talks with the Iranian authorities to find a solution.

A joint statement by the four foreign ministers after the online meeting convened by France urged "Iran to consider the consequences of such grave action, particularly at this time of renewed diplomatic opportunity".

The US and Iran have had no diplomatic relations for four decades but they began frequent contact to negotiate the 2015 nuclear deal.

The nuclear accord was opposed by Iran's regional rivals Israel and Saudi Arabia, which both enjoyed close partnerships with Mr Trump.

While Iran's policy is ultimately determined by supreme leader Ayatollah Ali Khamenei, Iranian presidential elections in June add another time pressure factor.

President Hassan Rouhani, an advocate of nuclear diplomacy with global powers, will step down after serving the maximum two consecutive terms, and a more hardline figure is likely to replace him.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”