European Union unveils 'statute' to protect Iran trade against USA sanctions
18 May, 2018, 15:43 | Author: Edward Snyder
This mechanism, dating back to 1996 and never used, adopted at the time to circumvent the embargo on Cuba, allows European companies and courts not to submit to regulations relating to sanctions taken by third countries. We will do that tomorrow morning at 1030.
Much to Europe's displeasure, foreign companies doing business with Iran are also at the crosshairs of the US sanctions.
The European Commission will also "continue and strengthen the ongoing sectoral cooperation with, and assistance to, Iran, including in the energy sector and with regard to small and medium-sized companies".
Given the above issue, the legislation will not recognize any court order to impose a fine that the White House may impose on the European companies to do business in the Islamic Republic of Iran, he said, adding, "as the European Commission, we are duty bound to protect our companies in the face of sanctions imposed by USA on Iran".
The measure represents the first practical step towards saving the Iran nuclear deal taken by the EU. "But the American sanctions will not be without effect, so we have the duty... to do what we can to protect our European businesses, especially SMEs".
Some will come into effect by early August, with other sanctions coming into force by the beginning of November. "We will have to see whether those remaining in the JCPOA can deliver those benefits to Iran", he said in the Belgian capital on Tuesday.
It added that European Union energy and climate commissioner Miguel Arias Cañete will travel to Tehran at the weekend.
Washington is re-imposing strict sanctions on Iran, which were lifted under a 2015 global deal to control the country's nuclear ambitions.
It said the move will "allow the EIB to support European Union investment in Iran", particularly involving small and medium-sized companies.
US President Donald Trump announced on May 8 that Washington quit the 2015 Iranian nuclear deal, which curbed Tehran's nuclear activity in exchange for lifting the UN Security Council's sanctions and unilateral restrictions introduced by the US and the EU.
The US Treasury has said it is giving European companies three to six months to wind down their business in Iran or face sanctions as well.
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