European Union Ready To Protect European Firms In Iran

Forex News

The EU Commission claimed it had set up a process of restoring a sanctions-blocking tools to protect European companies in Iran. The statement unveiled that the Commission "launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope". This came as a sequence of the US withdrawal from Iran nuclear deal and reimposed sanctions on Tehran. The Commission also proposed to urge EU governments to make transfers to Iran's central bank and to start the legal process of allowing the EIB (European Investment Bank) to lend to EU projects in Iran.

And now, if the European Parliament and EU governments accept it, the measure would come into effect within two months. The EU's blocking statute bans every EU business from complying with U.S. sanctions and doesn’t accept any court rulings that enforce American penalties.