Iran's Deputy Foreign Minister said that Europe should either purchase the country’s oil or provide a $15 billion credit line, otherwise, the process of reducing nuclear commitments will continue.

Iran Press/EuropeAbbas Araghchi that is currently in Slovenia after talks in Paris on Monday, told reporters that the focus of talks with France was on how to generate revenues from the sale of Iran's crude oil.

He said that as Iran has repeatedly stated, the Islamic Republic will only return to full implementation of the Joint Comprehensive Plan of Action (JCPOA) when the country is able to sell its oil and have access to revenue without any restrictions, and the French initiative is exactly that, Iran Press reported.

Araghchi emphasized that French President Emmanuel Macron has been told that Europe must either buy oil from Iran or offer a credit line.

He went on to add that the credit line is worth $ 15 billion over four months, until the end of the year. Thus, in the case of reaching an agreement, Iran will either sell 100 percent of its oil in the next four months or presell it as a credit line.

The Deputy Foreign Minister said that after receiving a $ 15 billion credit line, the country will be ready to negotiate with the P4+1 countries, adding that there is still serious disagreement on the agenda of these talks. "The Islamic Republic of Iran will not negotiate with anyone about its red lines," he highlighted.

Araghchi said there would be no further negotiations about the JCPOA, but the proper implementation of Iran's nuclear deal could be the subject of talks if the other side has serious shortcomings.

"The Islamic Republic of Iran is ready to enter into talks on the security and freedom of shipping in the Persian Gulf and the Strait of Hormuz on the condition of the safety and freedom of its vessels in all waterways," he added.

He said it is unlikely that European countries would be able to take an effective step before September 7, so the third phase of Iran's reduction of commitments would begin at that time. 101/218

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