EU In Favor Of Iran Deal

This week, EU finance ministers

to discuss the terms of the nuclear deal agreed to by Iranian officials and Western diplomats earlier this month. The deal requires that Iran curb its nuclear development in exchange for fewer economic sanctions that have been squeezing the nation's finances for years. While the deal is still hotly debated by members of Congress and many of the US' Middle Eastern allies, EU leaders appear to be in support of the deal.

The EU approved the nuclear deal this week, saying that it represents the only feasible way to keep Iran from developing an atomic bomb. The EU's approval of the deal is expected to send a strong message to US policymakers, who have 60 days to review and approve the deal.

Ties between the eurozone and Iran have been strained over the past decade, but EU leaders are looking to improve relations and open up the lines of communication in order to make the most of the relaxed sanctions. German Chancellor Angela Merkel

to Iran this week in order to discuss possible economic opportunities for Germany once the sanctions have been lifted. French Foreign Minister Laurent Fabius announced his plans for a similar visit in the coming days well.

Not only does Iran's consumer market represent a lucrative opportunity for exporters like Germany, but the nation's natural resources could be a major benefit to EU leaders in the coming months. Some are hoping to reduce their reliance on Russian energy by supplementing Iranian crude. Such a move would give the EU more bargaining power over Russia at a time when political ties have become strained.