Talks with Iran on the creation of credit lines guaranteed by revenues from Iranian oil are continuing, said French Foreign Minister Jean-Yves Le Drian, Reuters reported. 

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),” Le Drian told reporters. “All this (pre)supposes that President Trump issues waivers.”

According to Western and Iranian sources, France offered to provide Iran with credit lines worth about $ 15 billion by the end of the year in exchange for Tehran's full return to the 2015 nuclear program agreement.

European leaders have been trying to stabilize the confrontation between Tehran and Washington since President Trump pulled out of the nuclear deal.

The Iranian delegation was in Paris on Monday, which included representatives from the oil and financial industries to clarify the details of credit lines that would give Iran some respite from sanctions.

“The question is to know whether we can reach this $15 billion) level, secondly who will finance it, and thirdly we need to get at the very least the tacit approval of the United States. We still don’t know what the U.S. position is,” said a source aware of the negotiations.

“France has offered the credit line of $15 billion but we are still discussing it. It should be guaranteed that we will have access to this amount freely and also Iran should be able to sell its oil and have access to its (own) money," said a senior Iranian official familiar with the negotiations.

French Finance Minister Bruno Le Mayor will arrive in Washington on Tuesday to partially discuss the loan facility.

At the G7 meeting in France, Trump seemed to be open to the idea of credit lines, although US officials ruled out the possibility of lifting the sanctions.