European Union moves to shield European Union firms from USA sanctions against Iran


The French president said that "the European Union made a decision to preserve the nuclear deal and defend EU companies" adding that "our main interest in Iran is not in trade, but in ensuring stability in the region, at the same time, we will not become an ally of Iran against the U.S.".

The EU needs to safeguard Iran's economic benefits as well as its own, in order to keep Tehran in the 2015 worldwide nuclear deal and prevent its collapse.

"The EU blocking regulation could be of limited effectiveness there, given the global nature of banking system and especially the exposure of large systemic banks to US financial system and USA dollar transactions", he said.

In Berlin, the president of the German Industry Federation (BDI), Dieter Kempf, expressed concern on Friday about the impact that these European protection measures could have on German companies in the United States.

"We must act now" - quoted Juncker DW. The first step was to activate the "blocking statute" that "forbids European Union companies from complying with the extraterritorial effects of USA sanctions, allows companies to recover damages arising from such sanctions from the person causing them, and nullifies the effect in the European Union of any foreign court judgements based on them", the document says.

Against withdrawal from the agreement made by the leading European Union countries and Russian Federation.

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United States sanctions must be reinstated within 90 to 180 days.

Other measures proposed by the Commission, the EU executive, include urging EU governments to make transfers to Iran's central bank and to start the legal process of allowing the European Investment Bank to lend to EU projects in Iran.

The Iran nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA, ) signed by Tehran and the five permanent members of the UN Security Council - the US, France, Britain, Russia and China - plus Germany on July 14, 2015, imposes strict restrictions on Iran's nuclear program in return for the loosening of economic sanctions. "We have pledged to take necessary political steps for our companies to stay in Iran".

Mr. Trump's Iran decision is part of a broader pattern of actions that have deeply frustrated America's European allies.

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.