Iran sets Nov. 4 cutoff for Europe to offset U.S. sanctions

Iran sets Nov. 4 cutoff for Europe to offset U.S. sanctions

Iran has given European parties to the nuclear deal until Nov. 4 -- the start of U.S. sanctions against its vital oil industry -- to come up with ways to offset the impact, suggesting it may otherwise pull out.

Iran has “clearly announced” to European nations that if its “main interests” in the nuclear agreement are not served, “staying in the deal will not benefit us anymore,” Iranian Deputy Foreign Minister Abbas Araghchi said on state television late Tuesday, Bloomberg reported citing the Tasnim news agency. “They have a deadline of Nov. 4 and from then on, any action by them would be useless.”

“As long as we can sell our oil, it will be in our interest to stay in the JCPOA,” Araghchi said, referring to the acronym for the 2015 accord, which the U.S. quit in May.

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