The European Commission has taken steps to protect the interests of European companies in Iran from U.S. sanctions. This is stated in the report of the European Commission.
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“Having the unanimous support of the heads of States and governments of the EU countries at the leaders’ meeting in Sofia, which took place on the evening of 16 may, on the proposal of the President of the EC Jean-Claude Juncker and high representative of the EU Federica Mogherini, the European Commission has today used the first steps”, — is spoken in the message.
In particular, the EC launched a formal process of “blocking order” by updating the list of US sanctions against Iran. “Blocking regulation” prohibits EU companies to adhere to an extraterritorial US sanctions, allows companies to compensate losses caused by such sanctions, and the EU cancels any decisions of foreign courts on sanctions.
The EU wants to introduce a “blocking order” in effect until August 6, 2018, when they will take effect the first batch of us sanctions.
In addition, the European Commission has launched a process that will allow the EIB to support EU investments in Iran.
See also: Iran published the controversial letters trump
The European Parliament and EU Council now has two months for objections against these measures before they take effect. This period may be shorter if both institutions indicate the absence of any objection before the expiry of the two month period.
Recall that the European Union adopted the “blocking regulation” in November 1996. It allows European companies do not abide by certain decisions of Washington’s sanctions. In addition, companies can obtain compensation for restrictions loss.
As previously reported “FACTS”, the US President, Donald trump officially announced the US withdrawal from the nuclear deal with Iran and promised to return the sanctions against the country.