Iranian and Western sources say France has suggested a $15 billion line of credit for Iran by the end of the year if Tehran fully complies with the nuclear deal known as the Joint Comprehensive Plan of Action. (JCPOA).

Jean-Yves Le Drian, the foreign minister of France says negotiations over the line of credit, which is guaranteed by Iranian oil revenues will continue, but U.S. approval would be crucial.

According to Le Drian, the idea is “to exchange a credit line guaranteed by oil in return for, one, a return to the JCPOA (Iran nuclear deal) ...and two, security in the Gulf and the opening of negotiations on regional security and a post-2025 (nuclear program).”

He added: “All this supposes that President Trump issues waivers.”

Immanuel Macron, the president of France tried to de-escalate rising tensions between Tehran and Washington by bringing two sides to the negotiation table. President Rouhani of the Islamic Republic and President Trump both talked about the possibility of negotiation at the time, but later president Rouhani declared that there wouldn’t be any negotiation unless the US lifts its sanctions. American officials also rejected the idea of lifting sanctions for negotiation.

A source informed on the negotiations says: “The issue is whether we can reach this level ($15 billion). Second, who is going to fund this credit line, and third, we must at least get the United States’ implicit approval. We still don’t their position.”

An Iranian official emphasized: “Although the European Union and especially France have good intentions, they must convince the US to cooperate…otherwise, Iran is serious about scaling down on its nuclear commitments. It is not logical to respect the nuclear deal when it has no benefits for us.”

The French Minister of Finance has traveled to Washington to discuss the function of this credit line.