French President Emmanuel Macron is offering a $15 billion bailout to top Iranian negotiators who arrived in Paris on Monday in exchange for Tehran's commitment to returning to its landmark 2015 nuclear accord, The New York Times reported. The financial incentive is intended to compensate Iran for oil sales lost because of sanctions imposed by the U.S. since President Trump withdrew from the agreement last year.
The $15 billion letter of credit would give Iran the ability to receive hard currency while most of the income from its oil sales is frozen in banks. The money roughly equals half of the revenue Iran would get from oil sales in a year. Trump administration officials say the bailout would undermine Trump's effort to put "maximum pressure" on Iran, the Times said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US won its war on 'murder hornets,' officials saySpeed Read The announcement comes five years after the hornets were first spotted in the US
-
California declares bird flu emergencySpeed Read The emergency came hours after the nation's first person with severe bird flu infection was hospitalized
-
Trump, Musk sink spending bill, teeing up shutdownSpeed Read House Republicans abandoned the bill at the behest of the two men
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
