Paris - France has proposed offering Iran about $15 billion in credit lines until year-end if Tehran comes fully back into compliance with its 2015 nuclear deal, a move that hinges on Washington not blocking it, Western and Iranian sources said.

French Foreign Minister Jean-Yves le Drian said talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, were continuing, but US approval would be crucial.

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 programme),” le Drian told reporters. “All this (pre)supposes that President Trump issues waivers.” European leaders have struggled to dampen brewing confrontation between Tehran and Washington since US President Donald Trump pulled out of the deal, which assures Iran access to world trade in return for curbs on its nuclear programme.