EU foreign ministers are expected to discuss the political crisis in Venezuela and how to help European firms navigate U.S. sanctions in Iran when they hold an informal meeting in Romania on Thursday.
The ministers will attempt to find common ground in Bucharest over the possible recognition of Juan Guaido as Venezuela’s transitional president.
The Speaker of Venezuela’s opposition-controlled National Assembly declared himself interim president during nationwide protests against the rule of Nicolas Maduro a week ago.
U.S. President Donald Trump has recognised Guaido in the role, however, the EU is yet to do so.
Germany and several other European states have issued an ultimatum to Maduro, saying they will recognise Guaido as leader unless he calls free and fair elections by Sunday.
The EU has so far been split with Greece and other countries unwilling to take a stand until the situation in Venezuela becomes clearer.
However, there is also the issue of Iran.
Germany, France and Britain would like to agree a start to a mechanism which allows European companies to circumvent U.S. sanctions on the country.
Germany Foreign Minister, Heiko Maas, said in Brussels on Monday that a so-called Special Purpose Vehicle (SPV) was on the verge of being implemented.
Europe has been working hard to keep alive the Iran nuclear deal after U.S. President Donald Trump announced his decision in May to withdraw from the accord and re-impose sanctions on Tehran.
Report says the deal ensures economic benefits to Iran in exchange for curbs on its nuclear ambitions.