Emmanuel Macron, president of France, at G7.
France has proposed offering about $15 billion in credit lines for Iran if it comes back into compliance with the 2015 Iran nuclear deal, Reuters reports.
The catch: The prospective deal hinges on the Trump administration not blocking it.
- "French Foreign Minister Jean-Yves le Drian said talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, were continuing, but U.S. approval would be crucial," per Reuters.
- The agreement would provide “a credit line guaranteed by oil in return for, 1, a return to the JCPOA (Iran nuclear deal) ... and 2, security in the Gulf and the opening of negotiations on regional security and a post-2025 (nuclear program),” Le Drian told reporters. “All this (pre)supposes that President Trump issues waivers.”
Why it matters: Iran is a key player in the oil market and its declining economy is a key risk for the Middle East and Europe.
- A destabilization could trigger another serious refugee crisis in addition to the danger of its potential nuclear capabilities.
- European leaders have scrambled to find a solution for Iran's faltering economy since Trump pulled out of the deal last year.