Iran's nuclear chief warned the European Union on Monday of "ominous" consequences if it did not follow through with action to keep the economic benefits of the 2015 nuclear agreement alive.
Ali Akbar Salehi said the European Union was "doing its best" after the United States pulled out of the deal and re-imposed sanctions on Iranian oil exports this month, even as the bloc's efforts to salvage trade ties have floundered.
But Salehi, the head of Iran's Atomic Energy Organization, told reporters in Brussels: "If words are not turned into deeds, then ... it is very ominous, the situation would be unpredictable."
The EU and other remaining parties to the accord - China and Russia - hope to convince Tehran to respect the curbs that the deal placed on its nuclear programme, despite Washington's pull-out and the sanctions that aim to force the rest of the world to stop buying Iranian oil.
Striving to circumvent those sanctions, EU nations plan to facilitate non-dollar transactions with Iran. A so-called Special Purpose Vehicle (SPV) would act as a barter system offsetting Iranian exports with purchases of EU goods.
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Read more:
Iran threatens missile strikes on Al Dhafra and other US bases
Iran developing new missile capabilities, US researchers say
US sanctions five Iranians over ballistic missile deliveries to Yemen’s Houthis
US sanctions on Revolutionary Guards causes Iran investment rethink
__________
“If it [the Iran deal] breaks down no sides will benefit, this deal is complementary to the non-proliferation regimes, it could give it support but if it breaks down then the situation will certainly change and everything will be in turmoil,” said EU energy commissioner Arias Canete, adding that the EU needed to “keep it alive”.
“The deal is crucial for the security of Europe, of the region and the entire world to ensure that the Iranian nuclear program remains peaceful.”
Speaking on the sidelines of talks on civilian nuclear cooperation, EU diplomats admitted they could only do so much to urge firms to brave the risk of US penalties and do business with Iran.
"What we are doing now is a lot of symbolism," said one EU diplomat involved in talks with Iran.
"The SPV isn't going to be a game changer," said another EU official. "The prospects are pretty grim."
No EU country has yet agreed to host the SPV and progress in creating it is likely to be slow, despite the political will in Paris, Berlin and London.
"This is a hugely complex and unique undertaking, technical work has been advancing," Europe's Climate and Energy Commissioner Miguel Arias Canete said at a joint briefing with Salehi.
"Nobody should have any doubt on the level of political ambition and determination by the member states involved, in particular, France, Germany and the United Kingdom to swiftly operationalise the SPV."
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km