The European Union has started a set of measures to maintain the nuclear deal with Iran, as well as to protect EU companies operating in the asian country after the Union reaffirmed its support for the deal because of President Donald Trump’s decision to withdraw the US from JCPOA.
The European Commission introduced on Friday the so-called blocking statute to protect European companies doing business with Iran from US sanctions. For the first time for more than two decades, this measure shall enter into force.
The EU’s blocking statute prohibits European companies from complying with US sanctions on Iran and does not recognise any judicial decisions which may be imposed as a result of the sanctions. This statute was developed in 1996 when the United States tried to sanction foreign companies trading with Cuba, but never entered into force.
It is expected to enter into force before 6 August, commented the Commission.
“While the Iranians abide by their commitments, the EU will, of course, stick to the agreement which was designed by the EU itself”, EC President Jean-Claude Juncker said and warned that the US decision to impose sanctions again “will not remain without consequences”.
The measure will also allow companies to recover the damages in result of the sanctions and would repeal the impact in the EU of any foreign judgments based on them.
Other measures proposed by the EC include insisting that EU governments can make transfers to the central bank of Iran so that various European projects can be financed in the Islamic Republic. Moreover, the European Investment Bank was allowed to mediate the investments of European businesses in Iran.
The measures became apparent on Thursday during the EU-Western Balkans Summit in Sofia.
