Daily Management Review

EU Takes Initiative To Shield EU Firms From Trump’s Iran Sanctions


08/07/2018




EU Takes Initiative To Shield EU Firms From Trump’s Iran Sanctions
The US administration has indicated that it would apply maximum pressure on Iran through strict sanctions and to counter the possible impact on European businesses from those potential sanctions, the4 European Union has started an initiative.
 
Even as the sanctions are to be implements, the EU has brought into force a blocking statute that was used by it to protect its business and companies from US sanctions that were imposed on Cuba to shield European business as well as attempting to keep the Iranian nuclear deal alive.
 
The EU has issued instruction to European companies not to adhere to demands from the US government of severing all business ties with Iran.  Those companies that decide 6tpo to end its business ties with Iran would only be able to do so after obtaining an authorisation from the European commission or else such companies would stand the risk of being taken to court by the EU member states.
 
The EU has also initiated a mechanism which would allow European companies to sue the US administration in national courts of EU member states if their business is impacted by the US sanctions.
 
While pulling out of the Iran deal that was struck in 2015 by the then Obama administration, US President Donald Trump had announced that his administration would hit companies that do business with Iran.
 
There was a “determination to protect” the economic interests of the EU and the EU still supports the Iran the nuclear deal which also was signed by China and Russia apart fome the EU and the US, said a joint statement issued on Monday by the foreign ministers of the EU’s 28 member states, including the UK’s Jeremy Hunt.
 
The statement said: “The lifting of nuclear-related sanctions is an essential part of the deal; it aims at having a positive impact not only on trade and economic relations with Iran, but most importantly on the lives of the Iranian people.
 
“We are determined to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN security council resolution 2231. This is why the European Union’s updated blocking statute enters into force on 7 August to protect EU companies doing legitimate business with Iran from the impact of US extra-territorial sanctions.”
 
The effectiveness of the EU blocking statute has been questioned by some despite the tough public stance taken by the EU. there are admissions by some EU officials that companies that continue to invest in Iran are putting themselves at a risk.
 
The EU decision does not particularly concerns the US, said the Trump administration on Monday and added that its aim is to exert es much pressure on Tehran as possible.

“This is completely consistent with what the president has done with other less friendly regimes … to keep the maximum pressure until our goals are achieved,” a senior administration official told reporters.

(Source:www.theguardian.com)






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