The European Union Supports the European Investment Bank's Cooperation Plan with Iran

Members of the European Parliament voted on a plan that allows the European Investment Bank to cooperate with Iran. Reports indicate that this decision is not binding. Previously, it was stated that the bank was 'opposed' to such collaborations. The European Investment Bank is a non-profit investment institution. Reuters reports that following the Trump administration's withdrawal from the JCPOA and the re-imposition of U.S. sanctions on Tehran, the European Investment Bank plays a 'key role' in the EU's efforts to maintain financial and trade relations with Iran. The European Parliament's website stated that the voting was about guarantees to counter losses from financial operations supporting investment projects outside the EU, specifically in Iran. Reuters notes that the EU lawmakers' vote came after far-right lawmakers attempted to prevent the lifting of restrictions on the European Investment Bank. However, a large group of representatives voted in favor of this authorization. Nevertheless, Reuters states that the approved authorization in the European Parliament does not obligate the bank to cooperate with Iran. In mid-June, Reuters reported that the bank opposed the EU's plan for activities in Iran under U.S. pressure. A day after this report, the European Commission announced that Iran is sufficiently qualified to cooperate with the European Investment Bank. However, the European Commission also emphasized that its decisions do not obligate the European Investment Bank to support European projects in Iran, and the decision in this regard is up to the board, in accordance with relevant laws and regulations. Iran was potentially added to the list of eligible countries for the European Investment Bank's activities last winter, but the elevation of this status required approval from the governments and the European Parliament. Reuters, referring to the meeting on Friday between Iran and the five global powers, states that the July 4 vote in the European Parliament will assist the EU's foreign policy chief, Federica Mogherini, during negotiations with Tehran. Mohammad Javad Zarif, Iran's foreign minister, and senior diplomats from Britain, France, Germany, China, and Russia are set to meet on Friday, July 6, to discuss preserving the Joint Comprehensive Plan of Action (JCPOA). This meeting will be chaired by Ms. Mogherini. ISNA quoted 'an informed source' stating that the purpose of the negotiations is to explore possible EU guarantees that could protect Tehran's interests. Currently, negotiations are ongoing between Iran and the three European countries, Germany, France, and Britain, to 'save the JCPOA', with Hassan Rouhani and Mohammad Javad Zarif having held meetings and discussions in Switzerland and Austria since July 1. Donald Trump withdrew from the JCPOA in May following repeated criticisms of the nuclear agreement with Iran. Mr. Trump claims that the Islamic Republic has continued to expand its ballistic missile program and 'support for terrorism' in the region after the JCPOA, exacerbating instability in the Middle East and not changing its behavior. Iran has denied accusations of supporting terrorism and interfering in regional affairs, stating that its missile program is 'defensive'. After the U.S. withdrawal from the JCPOA, the U.S. Secretary of State set forth 12 demands for achieving a new agreement with Iran. The U.S. Secretary of State stated that if the Islamic Republic does not change its behavior, the U.S. will impose 'the toughest sanctions in history' against Iran. The U.S. State Department's policy director announced on July 2 that a new round of sanctions against Tehran would begin on August 4, with the next phase starting on November 6. The meeting on Friday between Mr. Zarif and officials from the five remaining powers in the agreement is the first of its kind following Trump's withdrawal from the JCPOA.