Basically, they have to promise to buy fixed amounts of Iranian oil and, among other things, convert current Iranian bank holdings into gold! What’s interesting is that the Iranians have expanded their target of demands to China and Russia.
Almost every day, the demands of the Iranians increase. You have to wonder if at some point the Europeans will tell them to get lost?
The “Real Deal” proposal package
The proposed package includes four main sections, covering the commitments of the four major parties involved in the deal namely the Europeans, Russia, China and Iran.
1. They must guarantee the purchase of 760,000 barrels per day of Iranian oil, its revenues which will be spent for purchasing technological services and goods from Europe.
2. The European sides should also introduce state-owned banks for a contingency plan in case of further U.S. sanctions.
3. They are also required to take necessary measures to facilitate conversion of all Central of Bank of Iran (CBI) accounts in European banks into gold.
1. China must guarantee the purchase of 800,000 bpd of Iranian oil as well.
2. They should take necessary measures to facilitate conversion of all Central of Bank of Iran (CBI) assets in Chinese banks into gold.
3. The Chinese should guarantee the financing of Iran’s East-West electric railway.
4. A joint venture will be established between Iran and China for expanding the mentioned railway further into the region.
5. China will continue cooperation with Iran in developing the country’s oil fields.
1. Oil swap of 200,000 bpd oil with Russia which could be expanded to 400,000 bpd.
2. Russia will establish a joint venture with Iran to buy and transfer Iranian gas to Europe. In this joint venture Iran and Russia will each have a 45 percent ownership while Iraq and Syria each will own a 5 percent share.
Aside from all the benefits that Russia, China and the European sides will gain considering the above mentioned commitments, Iran as well will commit to stay in the JCPOA and will not pull out of NPT.