Published: Fri, May 18, 2018
Global Media | By Jackie Banks

European Union moves to block U.S. sanctions on Iran

European Union moves to block U.S. sanctions on Iran

In the past week, French company Total has announced that, unless it gets a sanctions waiver from the United States, it will withdraw from the South Pars 11 oil project in Iran.

The EU wants to salvage the nuclear deal and its blocking statute is the most powerful tool at its immediate disposal, as it means EU companies won't have to comply with U.S. sanctions.

"As the European Commission we have the duty to protect European companies".

The European Union tries to save the Iran nuclear deal and protect EU companies investing in the country by launching a process to activate its blocking statute that bans any EU company from complying with US sanctions and does not recognize court rulings that enforce USA penalties.

The "blocking statute" is a 1996 regulation originally created to get around Washington's trade embargo on Cuba.

The European Commission has started the formal process to remove obstacles for the European Investment Bank to decide under the EU budget guarantee to finance activities outside the EU, in Iran.

The Commission said it would also keep aid money flowing to Iran, part of its efforts to uphold Europe's side of the 2015 nuclear deal, which offers sanctions relief in return for Tehran shutting down its capacity, under strict surveillance by the United Nations nuclear watchdog, to stockpile enriched uranium for a possible atomic bomb.

Samantha Markle Suffers Broken Ankle After Confrontation With Paparazzi
Her boyfriend tells TMZ that they had a "paparazzi confrontation" near a Florida toll booth. Photos emerged last week of Thomas making preparations for his daughter's big day.

George Soros Foundation Closing Offices In Hungary
Soros has remarked that the Hungarian government was attempting to slander him by pushing "distortions and lies". Open Society Foundations said Tuesday that it would seek legal routes to challenge the new legislation.

Woman Dead, Others Injured in Explosion at Aliso Viejo Medical Building
Authorities had not found an explosive device Tuesday night but were searching through debris that was left after the blast. He explained that authorities were being extra cautious because they "don't see explosions in commercial buildings" often.

UK Foreign Minister Boris Johnson cast doubt on the EU's ability to prevent the re-imposition of USA sanctions that also seek to punish foreign companies for doing business with Iran.

The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support, Reuters reported.

"The American sanctions will not be without effect".

US President Donald Trump last week controversially pulled Washington out of the 2015 worldwide deal with Iran that placed limits on its nuclear programme in return for easing economic sanctions.

The Commission itself will maintain its cooperation with Iran.

Meanwhile, the commission also stressed Friday that the European Union remains committed to its "essential cooperation" with the U.S., which remains a key partner and ally.

European investments in Iran, mainly from Germany, France, and Italy, have jumped by more than 20 billion euros since 2016.

Like this: