Fabius also said Israel – which blasted Sunday's agreement as a "historic mistake" – was not likely to launch any preventative strikes on arch-foe Iran, "because no one would understand" such a move "at this stage."
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Speaking on Europe 1 radio, Fabius said that EU foreign ministers would gather together in "a few weeks" to put forward a proposal to partially lift some sanctions, which the 28-member body will have to approve.
"This lifting of sanctions is limited, targeted and reversible," he said, adding that it would take place "in December."
Meanwhile, the EU's Faaborg-Andersen tried to quell Israeli fears in a meeting of EU ambassadors together with Israeli Intelligence Minister Yuval Steinitz in Jerusalem.
"We very much have Israel's security at heart," he said.
Faaborg-Andersen condemned "inflammatory statements (on Israel) coming out of Iran," saying it was "only natural that Israel wants to weigh in on these important negotiations that have been conducted with Iran."
But he hailed the deal as the "first time in ten years" at which Iran's nuclear program had been significantly curbed.
Israel: Not satisfiedSteinitz, for his part, told the envoys "we are not satisfied, to say the least," with the deal. "Actually, we're quite disappointed with the agreement that was signed yesterday."
The deal will see Iran cut down its uranium enrichment, but Steinitz said there must be a complete halt.
"Our main concern is that Iran will remain, according to this agreement, a threshold nuclear country, which means countries that can produce nuclear weapons in less than a year."
He said sanctions had been "sufficient to reach a much better and more comprehensive deal."
But he stressed the need to keep sharing intelligence with the EU and ensure a final deal acceptable to Israel.
"The dialogue between us and the European Union...on this topic...is very good, open dialogue, even while we beg to disagree," Steinitz said.
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