Wednesday, 15 August, 2018

EU Launches Measures To Protect European Biz In Iran

Europe to exempt its firms from US sanctions on Iran EU moves to block US sanctions on Iran
Glenn Montgomery | 18 May, 2018, 16:19

Much to Europe's displeasure, foreign companies doing business with Iran are also at the crosshairs of the USA sanctions.

The Commission said in a statement it had "launched the formal process to activate the Blocking Statute by updating the list of US sanctions on Iran falling within its scope", referring to an original European Union regulation from 1996.

The European Union has relaunched an old law to try to protect European businesses at risk of USA sanctions if they continue to trade with Iran.

So the European Commission has kicked off the formal process to activate a "blocking statute" which gives EU companies the go-ahead to ignore the United States sanctions.

"We now need to act and this is why we are launching the process to activate the "blocking statute" from 1996".

The measures announced in Brussels will come into force within two months unless the European Parliament or the EU governments formally reject them.

U.S. President Donald Trump declared last week that the United States would withdraw from the Iran nuclear deal, claiming that it had failed to prevent Iran from developing nuclear weapons or supporting terrorism in the region.

It comes after the US President pulled out of the Iran nuclear accord and gave businesses around the world notice to end their dealings with Tehran.

On Friday, European commissioner for climate change and energy Miguel Arias CaƱete flew to Iran.

"The American sanctions will not be without effect".

The talks in Tehran come a day after the European Commission president Jean-Claude Juncker deepened Europe's war of words with the U.S. over Donald Trump's decision to withdraw from the Iran nuclear deal and proposed tariffs on European goods.

"Following the green light of EU leaders at the informal meeting in Sofia (the EU-Western Balkans summit on May 16-17), the European Commission has today taken steps to preserve the interests of European companies investing in Iran and demonstrate the EU's commitment to the Joint Comprehensive Plan of Action (JCPOA) - the Iran nuclear deal", the document said.

Meanwhile, the commission also stressed Friday that the European Union remains committed to its "essential cooperation" with the USA, which remains a key partner and ally. It has also facilitated the ability of the European Investment Bank to support investment in small and medium-sized enterprises in Iran.

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