Theresa May, Emmanuel Macron and Angela Merkel have all expressed their desire to see the deal continue but are faced with the prospect of United States sanctions affecting the European countries ability to do business with Iran. The nuclear agreement of 2015 is an important element of peace and security in the region, and we chose to support it, whatever the United States decision was.
'The question is whether you can talk better if you terminate an agreement or if you stay in it. we say you can talk better if you remain in it, ' she said.
Macron: EU summit decides to back JCPOA
"Everyone in the European Union shares the view that the agreement is not ideal, but that we should remain in this agreement and conduct further negotiations with Iran on the basis of other issues such as the ballistic missile program", Merkel said as she arrived for the summit.
"But what is important is that companies and especially medium-sized companies which are perhaps less exposed to other markets, American or others, can make this choice freely".More news: Indore again emerges as cleanest city, Bhopal maintains 2nd spot
Finnish mining technology company Outotec said USA sanctions would slow down and complicate its ties with Iran but it was too early to say if it would leave.
U.S. President Donald Trump's decision to abandon the 2015 nuclear accord with Iran means European countries that have since invested in the country will be at risk once new sanctions come into effect.More news: RCom shares dip on insolvency plea
Other companies which have warned they would wind down business in Iran following reinstated sanctions include German insurer Allianz, Siemens and Danish oil product tanker operator Maersk Tankers, previously owned by the Maersk conglomerate.
Bulgaria's Prime Minister Boyko Borissov, France's President Emmanuel Macron, British Prime Minister Theresa May and Germany's Chancellor Angela Merkel walk during the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018.More news: Britain slashes top stake on gambling machines to 2 pounds