Iran FM says ‘working with China and Russia' to stop European sanctions
'We will try to prevent it,' the top diplomat said in an interview with state TV.
'We are working with China and Russia to stop it. If this does not work and they apply it, we have tools to respond. We will discuss them in due course.'
The trio of European powers told the United Nations Secretary-General Antonio Guterres on Wednesday that they were ready to reimpose sanctions on Tehran if no diplomatic solution was found by the end of August.
All three were signatories to a 2015 deal that lifted sanctions in return for curbs on Iran's nuclear programme.
Europeans to test Iran's appetite for nuclear compromise as sanctions loom
The agreement, which terminates in October, includes a 'snapback mechanism' allowing sanctions to be restored.
'If Iran continues to violate its international obligations, France and its German and British partners will reimpose the global embargoes on arms, nuclear equipment and banking restrictions that were lifted 10 years ago at the end of August,' French Foreign Minister Jean-Noel Barrot said on X on Wednesday.
The 2015 deal, known as the Joint Comprehensive Plan of Action, or JCPOA, effectively collapsed after US President Donald Trump withdrew from it in 2018 during his first term and restored crippling sanctions.
European countries attempted to keep the deal alive, while Iran initially stuck to the terms before later ramping up its uranium enrichment.
Earlier this year, the United States joined Israel in bombing Iran's nuclear facilities. Israel launched its attacks while Washington and Tehran were still pursuing nuclear talks, which have not since resumed.
Western powers have long accused Iran of pursuing nuclear weapons, a charge the Iranian government strongly denies.
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Express Tribune
3 hours ago
- Express Tribune
New Chinese EV maker enters Pakistan
Punjab is set to welcome a new wave of industrial investment as China's Letin Auto Group has announced plans to set up a small electric vehicle (EV) manufacturing plant in the province. A 15-member delegation of the company, led by its General Manager Xu Zhen, met with Punjab's Minister for Industries and Commerce Chaudhry Shafay Hussain in Lahore to discuss details of the project and the potential incentives available. The minister assured the delegation of full support from the provincial government and said Punjab was offering attractive facilities to investors, including a 10-year income tax holiday and duty-free import of machinery for plants being set up in the Special Economic Zones. He added that Punjab was fast becoming a preferred destination for foreign industrialists due to its favourable climate for business. "New investment in the province is not only strengthening the economy but also creating employment opportunities for thousands of people," he said. The minister emphasised that the government was focused on the promotion of EVs and wanted Punjab to play a leading role in the country's clean mobility transition. In 2023, the group, with its trading name Levdeo Automobile Group, applied for bankruptcy in China and completed its bankruptcy reorganisation in 2024. Auto sector experts believe that the group may want to relocate and make Pakistan its base for local sales and exports, since Pakistan, particularly Punjab, is offering decent incentives and has won the least US tariff of 19%. The arrival of Letin Auto adds to a growing list of Chinese EV makers entering Pakistan in recent years. Brands such as BYD, Changan and British brand MG have already introduced EV models in the local market, while others are exploring assembly and production options. Industry watchers believe this influx shows the growing confidence of Chinese companies in Pakistan's EV sector, which is still in its infancy, but holds significant potential due to the rising cost of fuel and the government's policy incentives. While consumers may welcome more choices, existing auto players are watching the development closely. An official of a Japanese-origin car assembler admitted that the entry of another Chinese automaker would intensify competition. "This means we cannot sit idle anymore. We have to accelerate our EV plans and bring affordable models to the market," he said. A senior executive representing another brand said that Chinese EVs, if priced competitively, could quickly capture market share. "Chinese companies have a reputation for speed and affordability. This will put pressure on established players, but in the long run it will benefit customers." Some local joint ventures are also preparing to join the EV race. A senior official of Hyundai Pakistan said that the company has already begun internal studies for introducing its EV line in Pakistan in the next few years. "Globally, Hyundai is moving aggressively towards electric mobility and Pakistan will not be left behind. The arrival of new Chinese players will further push us to bring our EV technology here sooner," he said. Industry experts believe that this competition will reshape the local auto landscape, forcing companies to move away from the comfort zone dominated by conventional combustion vehicles. At the same time, observers say, the rapid entry of multiple Chinese EV brands reflects a bigger trend where emerging economies like Pakistan are seen as promising markets for future growth. Car enthusiasts, meanwhile, see this as a welcome change. Salman Ali, an EV enthusiast from Lahore, said that affordable small EVs could be a game changer. "With fuel prices going up every month, people are desperate for alternatives. If these Chinese EVs are introduced at competitive prices, they will give the middle class a real chance to switch to cleaner mobility," he said. Analysts also point out that Pakistan's EV policy has given a significant push to this momentum. Reduced customs duties on EV parts and favourable tariff structures have already encouraged imports, but local assembly and manufacturing is the next step. If companies like Letin Auto move ahead with their projects, it will not only help reduce reliance on imports but also support the development of an entire supply chain, including battery and component industries. For Punjab, the benefits are clear. More foreign plants mean fresh jobs, technology transfer and a stronger industrial base. For consumers, it means more options on the showroom floor. For local auto assemblers, it signals a race against time to remain competitive. "Chinese companies don't just bring cars, they bring disruption. Those who adapt will survive, those who don't will be left behind," said the Japanese auto company official. Analysts further say that for decades, the market has been dominated by a few players offering limited choices, but the arrival of Chinese EV makers is breaking that pattern. Whether it is local assembler preparing its own electric models or new entrants promising affordable alternatives, the competition is set to redefine the way Pakistanis buy and use cars.
Express Tribune
3 hours ago
- Express Tribune
Oil markets bearish after Alaska summit
Oil prices are up more than 10% this year on concerns over tightening supplies. PHOTO: REUTERS Oil markets are set for a muted price reaction when they open on Sunday after US President Donald Trump's and Russian leader Vladimir Putin's meeting in Alaska, at which Trump said a fully-fledged peace deal was the aim for Ukraine rather than a ceasefire. Trump said he had agreed with Putin that negotiators should go straight to a peace settlement – not via a ceasefire, as Ukraine and European allies, until now with US support, have been demanding. Trump said he would hold off imposing tariffs on countries such as China for buying Russian oil following his talks with Putin. He has previously threatened sanctions on Moscow and secondary sanctions on countries such as China and India that buy Russian oil if no moves are made to end the Ukraine war. "This will mean Russian oil will continue to flow undisturbed and this should be bearish for oil prices," said ICIS analyst Ajay Parmar. "It is worth noting that we think the impact of this will be minimal though and prices will likely see only a small dip in the very near term as a result of this news." The oil market will wait for developments from a meeting in Washington on Monday between Trump and Ukrainian President Volodymyr Zelenskiy. European leaders have also been invited to the meeting, a source familiar with the matter told Reuters. "Market participants will track comments from European leaders but for now Russian supply disruption risks will remain contained," said Giovanni Staunovo, analyst at UBS. Brent settled at $65.85 a barrel on Friday, and US West Texas Intermediate at $62.80 - both down nearly $1 before the talks in Alaska. Traders are waiting for a deal, so until that emerges, crude prices are likely to be stuck in a narrow range, said Phil Flynn, a senior analyst with Price Futures Group. "What we do know is that the threat of immediate sanctions on Russia, or secondary sanctions on other countries is put on hold for now, which would be bearish," he said. After the imposition of Western sanctions, including a seaborne oil embargo and price caps on Russian oil, Russia has redirected flows to China and India.
Express Tribune
4 hours ago
- Express Tribune
Trump changes tack on Ukraine after Putin meet
US President Donald Trump speaks after signing the VA Home Loan Program Reform Act at the White House in Washington, DC, US, July 30, REUTERS US President Donald Trump said on Saturday that Ukraine should make a deal to end the war with Russia because "Russia is a very big power, and they're not", after a summit where Vladimir Putin was reported to have demanded more Ukrainian land. After the two leaders met in Alaska on Friday, Trump told Ukrainian President Volodymyr Zelenskiy that Putin had offered to freeze most front lines if Kyiv ceded all of Donetsk, the industrial region that is one of Moscow's main targets, a source familiar with the matter said. Zelenskiy rejected the demand, the source said. Russia already controls a fifth of Ukraine, including about three-quarters of Donetsk province, which it first entered in 2014. Trump also said he agreed with Putin that a peace deal should be sought without the prior ceasefire that Ukraine and its European allies, until now with US support, have demanded. Zelenskiy said he would meet Trump in Washington on Monday, while Kyiv's European allies welcomed Trump's efforts but vowed to back Ukraine and tighten sanctions on Russia. Trump's meeting with Putin, the first US-Russia summit since Moscow launched a full-scale invasion of Ukraine in February 2022, lasted just three hours. "It was determined by all that the best way to end the horrific war between Russia and Ukraine is to go directly to a Peace Agreement, which would end the war, and not a mere Ceasefire Agreement, which often times do not hold up," Trump posted on Truth Social. Russia likely to welcome trump's comments His various comments on the meeting mostly aligned with the public positions of Moscow, which says it wants a full settlement — not a pause — but that this will be complex because positions are "diametrically opposed". Russia has been gradually advancing for months. The war — the deadliest in Europe for 80 years — has killed or wounded well over a million people from both sides, including thousands of mostly Ukrainian civilians, according to analysts. Before the summit, Trump had said he would not be happy unless a ceasefire was agreed on. But afterwards he said that, after Monday's talks with Zelenskiy, "if all works out, we will then schedule a meeting with President Putin". Those talks will evoke memories of a meeting in the White House Oval Office in February, where Trump and Vice President JD Vance gave Zelenskiy a brutal public dressing-down. Putin signalled no movement in Russia's long-held demands, which also include a veto on Kyiv's desired membership in the NATO alliance. He made no mention in public of meeting Zelenskiy, which the Ukrainian leader said he was willing to do. Kremlin aide Yuri Ushakov said a three-way summit had not been discussed. In an interview with Fox News' Sean Hannity, Trump signaled that he and Putin had discussed land transfers and security guarantees for Ukraine, and had "largely agreed". "I think we're pretty close to a deal," he said, adding: "Ukraine has to agree to it. Maybe they'll say 'no'." Asked what he would advise Zelenskiy to do, Trump said: "Gotta make a deal." "Look, Russia is a very big power, and they're not," he added. NEED FOR SECURITY GUARANTEES FOR UKRAINE Zelenskiy has consistently said he cannot concede territory without changes to Ukraine's constitution, and Kyiv sees Donetsk's "fortress cities" such as Sloviansk and Kramatorsk as a bulwark against Russian advances into even more regions. Zelenskiy has also insisted on security guarantees, to deter Russia from invading again. He said he and Trump had discussed "positive signals" on the US taking part, and that Ukraine needed a lasting peace, not "just another pause" between Russian invasions. Canadian Prime Minister Mark Carney welcomed what he described as Trump's openness to providing security guarantees to Ukraine under a peace deal. He said security guarantees were "essential to any just and lasting peace." Putin, who has opposed involving foreign ground forces, said he agreed with Trump that Ukraine's security must be "ensured". "I would like to hope that the understanding we have reached will allow us to get closer to that goal and open the way to peace in Ukraine," Putin told a briefing on Friday with Trump. For Putin, just sitting down with Trump represented a victory. He had been ostracised by Western leaders since the start of the war, and just a week earlier had faced a threat of new sanctions from Trump. '1-0 FOR PUTIN' Trump spoke to European leaders after returning to Washington. Several stressed the need to keep pressure on Russia. British Prime Minister Keir Starmer said an end to the war was closer than ever, thanks to Trump, but added: "... until (Putin) stops his barbaric assault, we will keep tightening the screws on his war machine with even more sanctions." A statement from European leaders said, "Ukraine must have ironclad security guarantees" and no limits should be placed on its armed forces or right to seek NATO membership as Russia has sought. Some European politicians and commentators were scathing about the summit. "Putin got his red carpet treatment with Trump, while Trump got nothing," Wolfgang Ischinger, former German ambassador to Washington, posted on X. Both Russia and Ukraine carried out overnight air attacks, a daily occurrence, while fighting raged on the front. Trump told Fox he would postpone imposing tariffs on China for buying Russian oil, but he might have to "think about it" in two or three weeks. He ended his remarks after the summit by telling Putin: "We'll speak to you very soon and probably see you again very soon." "Next time in Moscow," a smiling Putin responded in English.
