15:42 GMT +322 October 2018
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    View taken of fire lit by employees of French oil giant Total (File)

    Total Cannot Resume Work in Iran Due to US Sanctions Threat - CEO

    © AFP 2018 / JEAN-PHILIPPE KSIAZEK
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    In August, Iranian Oil Minister Bijan Zanganeh said that the French company had officially withdrawn from the agreement on the development of the South Pars 11 project.

    Total President and CEO Patrick Pouyanne said Wednesday that there was no possibility of resuming work in Iran because the US sanctions threaten the firm.

    "The answer is no because we are in a world where one country was so easily imposing its law … We cannot afford to take the risk to be banned from using the US financial system," Pouyanne said at the plenary session of the Russian Energy Week forum, while commenting on the EU’s plans to bypass US sanctions and resume trade with the Islamic Republic.

    READ MORE: International Court of Justice to Rule on Iran's Complaint Against US Sanctions

    Last week, the EU foreign affairs chief, Federica Mogherini, said that the foreign ministers of the remaining signatories to the Iranian nuclear deal would create a Special Purpose Vehicle (SPV) in order to facilitate trade between European companies and Iran amid US sanctions against Tehran. She explained that the legal entity would be established to enable European companies to continue legitimate transactions with Iran in accordance with EU legislation.

    The Russian Energy Week forum started earlier in the day in Moscow and will continue through Saturday. Sputnik is the official media partner of the event.

    Related:

    Tehran Looks to Replace France's Total as Firm Quits Iran
    China's Energy Giant CNPC Takes Over Total's Share in Iran Gas Project – Reports
    EU Attempt to Invest in Iran Amid Sanctions Impossible for Energy Giants - Total
    Tags:
    sanctions, Russian Energy Week, Total, Patrick Pouyanne, Iran, EU, United States
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