Tehran: Iran will hold nuclear talks with France, Britain, and Germany on Jan. 13 in Switzerland, local media reported on Wednesday, quoting a foreign ministry official.
“The new round of talks between Iran and three European countries will be held in Geneva on January 13,” said Kazem Gharibabadi, Deputy Foreign Minister for Legal and International Affairs, according to ISNA news agency.
He added the talks were only “consultations, not negotiations.”
The three European countries had on Dec. 17 accused Iran of growing its stockpile of high-enriched uranium to “unprecedented levels” without “any credible civilian justification.”
They have also raised the possibility of restoring sanctions against Iran to keep it from developing its nuclear program.
Iran has in recent years increased its manufacturing of enriched uranium such that it is the only non-nuclear weapons state to possess uranium enriched to 60 percent, the International Atomic Energy Agency (IAEA) nuclear watchdog said.
That level is well on the way to the 90 percent required for an atomic bomb.
On November 29, Iran held a discreet meeting with the three European powers in Geneva which Gharibabadi at the time described as “candid.”
Iran insists on its right to nuclear energy for peaceful purposes and has consistently denied any ambition of developing nuclear weapons capability.
Supreme leader Ayatollah Ali Khamenei, who has the final say in all state matters, has long issued a religious decree, or fatwa, prohibiting atomic weapons.
Late Monday, Iran’s security chief Ali Akbar Ahmadian maintained that Iran has “not changed” its nuclear doctrine against pursuing atomic weapons.
The January 13 talks will take place one week before Donald Trump’s return to the White House.
In 2015, Iran and world powers — including France, Britain and Germany — reached an agreement that saw the easing of international sanctions on Tehran in exchange for curbs on its nuclear program.
But the United States, during Trump’s first term in office, unilaterally withdrew from the accord in 2018 and reimposed biting economic sanctions.
Tehran adhered to the deal until Washington’s withdrawal, and then began rolling back on its commitments.
Iran to hold nuclear talks with 3 European powers Jan. 13: local media
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Iran to hold nuclear talks with 3 European powers Jan. 13: local media
- Iran insists on its right to nuclear energy for peaceful purposes and has consistently denied any ambition of developing nuclear weapons capability
Lebanon PM publishes long-awaited banking law draft
- The law stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.
- Depositors with a limit of $100,000, over the course of four years
BEIRUT: Lebanese Prime Minister Nawaf Salam published on Friday a long-awaited banking draft bill, which distributes losses from the 2019 economic crisis between banks and the state.
The draft law is a key demand from the international community, which has conditioned economic aid to Lebanon on financial reforms.
In a televised speech, Salam said “this draft law constitutes a roadmap to getting out of the crisis” that still grips Lebanon.
The draft will be discussed by the Lebanese cabinet on Monday before being sent to parliament, where it could be blocked.
The law stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.
Depositors, who lost access to their funds after the crisis, will be able to retrieve their money, with a limit of $100,000, over the course of four years.
Salam said that 85 percent of depositors had less than $100,000 in their accounts.
The wealthiest depositors will see the remainder of their money compensated by asset-backed securities.
“I know that many of you are listening today with hearts full of anger, anger at a state that abandoned you,” Salam said.
“This bill may not be perfect... but it is a realistic and fair step toward restoring rights, halting the collapse.”
- ‘Banks are angry’ -
The International Monetary Fund, which closely monitored the drafting of the bill, had previously insisted on the need to “restore the viability of the banking sector consistent with international standards” and protect small depositors.
The Associations of Banks in Lebanon criticized the draft law on Monday, saying in a statement that it contains “serious shortcomings” and harms commercial banks.
“Banks are angry because the law opens the door to them sharing any part of the losses,” said Sami Zougheib, researcher at The Policy Initiative, a Beirut-based think tank.
He told AFP that banks would have preferred that the state bear full responsibility.
The text provides for the recapitalization of failing banks, while the government’s debt to the Central Bank will be converted into bonds.
Salam said that the bill aims to “revive the banking sector” which had collapsed, giving free rein to a parallel economy based on cash transactions, which facilitate money laundering and illicit trade.
According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.
Since assuming power, Salam and President Joseph Aoun have pledged to implement the necessary reforms and legislation.
In April, Lebanon’s parliament adopted a bank restructuring law, as the previous legislation was believed to have allowed a flight of capital at the outbreak of the 2019 crisis.
The new bill stipulates that politically exposed persons and major shareholders who transferred significant capital outside the country from 2019 onwards — while ordinary depositors were deprived of their savings — must return them within three months or face fines.
The draft law could still be blocked by parliament even if the cabinet approves it.
“Many lawmakers are directly exposed as large depositors or bank shareholders, politically allied with bank owners, and unwilling to pass a law that either angers banks or angers depositors,” Zougheib said.
Politicians and banking officials have repeatedly obstructed the reforms required by the international community for Lebanon to receive financial support.
