European companies doing business in Russia are stuck in the middle of a confusing flurry of sanctions and counter sanctions.
Iran has vowed to skirt US sanctions and keep exporting oil. The US goal of cutting Iranian oil exports to zero is already being rolled back by reality.
US-Iranian relations have taken a major plunge under President Trump and observers say Tehran has expanded its backing of the Afghan Taliban to stymie US action against the militant group in Afghanistan.
EU officials have expressed optimism that the new framework will allow firms to keep doing business with Iran. Businesses have already pulled out and the Iranian rial has plummeted as the threat of US sanctions looms.
US Secretary of State Mike Pompeo has announced the details of US sanctions against Iran, including oil exemptions for eight countries. Tehran has said it will continue to sell oil despite the new sanctions.
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