EU says no better alternative to Iran's nuclear deal

The European Union says the US departure from the Iran nuclear deal has had a negative effect on credibility of international agreements.

EU foreign policy chief Federica Mogherini made the remarks on Tuesday while addressing a European parliament plenary session in Strasbourg.

Mogherini went on to underscore the EU's support for the Joint Comprehensive Plan of Action (JCPOA), stressing that the there was no "alternative" to it, regardless of the US withdrawal.

She added that finding solutions for banking and finance issues, is a key challenge for the EU member states.

"The most important challenge now is to find solutions for banking and finance because legitimate trade and investment needs banking partners and financial models that work," she added.

"These issues are being addressed through intensive expert consultations happening basically on the daily basis, including in Brussels and in Tehran last week, but also on the political level," she added.

Zarif: Still no guaranties for the EU

Meanwhile, Iran’s Foreign Minister Mohammad Javad Zarif said that his country has not received any action plan from Europe to guarantee it Tehran's economic interests following the US move.

"We still have not received the required operational package, but the EU, China and Russia and Russia are working on it," he said while he arrived in South Africa for a diplomatic trip.

He noted that the remaining signatories to the deal have announced their commitment to take ensuring that Iran will benefit from staying in the accord.

Earlier in the day, Iranian President Hassan Rouhani said the Islamic Republic will quit the multilateral nuclear agreement if it does not benefit from the deal after the US pullout.

PressTV-Iran will quit a fruitless nuclear deal: Rouhani

The Iranian president says Iran will quit the JCPOA if it does not benefit from it.

"If Iran cannot enjoy the agreement's benefits, it will be practically impossible to stay in it," Rouhani said.

The Iranian president commended the statements of the European countries, including France, to salvage the JCPOA. However, he emphasized that such declarations must be accompanied by practical and tangible measures and solutions to help Iran benefit from the agreement.

US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement, which was reached between Iran and the five permanent members of the UN Security Council - the United States, Britain, France, Russia and China - plus Germany.

Trump also said he would reinstate US nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.

Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.

Since the US president pulled Washington out of the historic nuclear deal, European countries have been scrambling to ensure that Iran gets enough economic benefits to persuade it to stay in the deal. The remaining parties have vowed to stay in the accord.

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