Airplane manufacturers Boeing and Airbus will lose almost $40 billion in business because sanctions on Iran will be reinstated in the wake of President Donald Trump's decision to withdraw the United States from the Iran nuclear agreement. But so far only three planes have been delivered, with industry sources blaming delays on the wariness of banks to finance business with Tehran.
"The agreement [with Airbus] did not predict the withdrawal [of any signatory] from the JCPOA", Fakhrieh-Kashan told Iran's Fars news agency.
"The goal of the wind-down provisions - for example, in the case of oil purchases from Iran, if it's a long-term requirements contract, for example - what we're saying is that although the sanctions come back into effect immediately, precluding any new contracts, for those affected by our jurisdiction, they've got six months to phase it out", said John Bolton, Trump's national security adviser, in a briefing with reporters.
"Iran made no down payment to plane manufacturers such as Airbus and Boeing so that no damages are inflicted on us if the deals are cancelled". All the deals are dependent on USA licences because of the heavy use of American parts in the planes.
U.S. Treasury Secretary Steve Mnuchin said on Tuesday the measures would include cancelling export licenses issued to Boeing and rival Airbus SE to sell about $40 billion worth of jetliners to Iranian carriers.
US businesses will also be affected by the sanctions, although they represent a small portion of the investment rush that Iran enjoyed in light of the nuclear deal.
"We are in contact with Airbus and they are exploring all possibilities that might exist to take advantage of the limited time in front of us", said Asghar Fakhrieh-Kashan, senior advisor to Iran's Roads and Urban Development Minister.
"Like other economic players, we are following the evolution of the matter, and are also following the EU's official position on this topic", said a spokesman for PSA, adding that it hoped the European Union would adopt its own independent position regarding Iran.
"It all depends on European government support and policies", he added. However, Russia, China, UK, France and Germany insisted on saving the nuclear deal and confirmed their commitment to the agreement. Most sanctions were lifted in 2016.
The U.S. will also reimpose sanctions on specific persons who were targeted for their involvement in Iran's nuclear program, relieved of sanctions since January 16, 2016, when the nuclear deal was implemented.