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The European Union’s decision to block the United States’ sanctions on Iran on its territory will enter into force tomorrow, Aug. 7, Yevropeiska Pravda reports.
Such actions by the EU will “mitigate their impact on the interests of EU companies doing legitimate business in Iran,” according to a press release by the European Commission (EC).
“The updated Blocking Statute is part of the European Union’s support for the continued full and effective implementation of the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal, including by sustaining trade and economic relations between the EU and Iran, which were normalised when nuclear-related sanctions were lifted as a result of the JCPOA.”
The EU adopted a “blocking resolution” in November 1996. It allows European companies not to comply with Washington’s decision on sanctions. In addition, companies may be compensated for damages caused.
The EC launched the process of updating the “blocking resolution” on June 6. The European Parliament and the Council of the EU had two months to object to these measures. Since there were no comments, the measures will come into force after the publication of the decision in the official journal of the EU on Aug. 7.
“The Blocking Statute allows EU operators to recover damages arising from US extraterritorial sanctions from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them. It also forbids EU persons from complying with those sanctions, unless exceptionally authorised to do so by the Commission in case non-compliance seriously damages their interests or the interests of the Union. The authorisations will be done on the basis of agreed criteria which will also be issued on 7 August,” the press release further states.
On May 8, 2018, the U.S. pulled out of the 2015 Iran nuclear deal: an agreement to control Iran’s nuclear program. Clarifications on new sanctions are expected soon.
