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European Union unveils 'statute' to protect Iran trade against USA sanctions


In addition, Jean-Claude Juncker noted that EU leaders had "also made a decision to allow the European Investment Bank to facilitate European companies' investment in Iran" and that the European Commission would continue to cooperate with Iran.

On Friday morning the European Commission, the EU's executive arm, will begin putting a so-called blocking statute in place to shield European companies doing business with Iran from USA sanctions.

The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support, Reuters reported.

The EU is to begin reviving legislation that will allow European companies to continue doing business with Iran, despite United States sanctions.

French President Emmanuel Macron said Thursday that one reason for the efforts to prop up the Iran deal is "so that our businesses can remain" in Iran. "We are looking for technical solutions to protect our companies", Ms. Grybauskaite said.

"We must act now" - quoted Juncker DW.




The 2015 nuclear deal opened Iran to worldwide investments after four decades of sanctions.

In a statement, the Commission said it had "launched the formal procedure to activate the "Blocking Statute" by updating the list of U.S. sanctions against Iran falling within its scope". By re-introducing it now, the European Union is seeking to ban firms respecting USA sanctions and make related U.S. court rulings non-effective in the EU.

Following our discussion of Europe's angry response to Trump's unilateral Iran sanctions, in which European Union budget commissioner, Guenther Oettinger made it clear that Europe will not be viewed as a vassal state of the U.S., stating that "Trump despises weaklings". European Union foreign ministers met their Iranian counterpart earlier this week to discuss how they could keep the nuclear deal alive without the US.

Some of Europe's biggest firms had rushed to do business with Iran after the nuclear deal took effect.

But the most accurate observations by Macron was that Trump's Iran decision strengthens both Russian Federation and China in the region, something we pointed out weeks ago, begging the question whose interests is Trump representing.

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