• ZenTravels-BRTNepal
  • sbgl
  • sahara
  • ace-advertise

European Commission to Move to Block US Sanctions on Iran

(VOA): The European Commission will initiate plans Friday to prohibit European companies from adhering to U.S. sanctions against Iran, a move to help keep the Iran nuclear agreement intact and to defend European corporate interests.

“We have the duty to protect European companies,” Commission President Jean-Claude Juncker said following a meeting of European Union leaders Thursday in Sofia, Bulgaria, “We now need to act and this is why we are launching the process.”

Juncker said the commission will begin the process of activating a so-called blocking statute, which bans EU companies from observing the sanctions and any court rulings that enforce U.S. penalties.

Juncker also said the commission would continue to cooperate with Iran and the European Investment Bank would be allowed to facilitate European corporate investment in the Persian Gulf country.

The commission's move is in retaliation to U.S. President Donald Trump's decision to withdraw from the Iranian nuclear deal and a subsequent move to revive stringent sanctions against Tehran.

The U.S. actions sparked concern among European countries over how to incentivize Iran to maintain compliance with the accord signed by world powers in July 2015, and the blocking statute is the most powerful tool at its immediate disposal.

European leaders are also confronted with the threat of U.S. tariffs on European steel and aluminum exports. The Trump administration's temporary exemptions from the tariffs expire June 1.

 

 

(This story has not been edited by N24 staff and is Voice Of America auto-generated from a RSS feed)

Published Date: Friday, May 18th, 2018 | 10:45 AM

Your Responses

N24 Exclusive

View All

Why the Middle East Is Betting on China Thursday, August 22nd, 2019

Middle Eastern leaders seem to be in a race to gain favor with China. While the region buzzes with criticism of US policy, its political elites are busy showering China..

Will Democracy Die Last? Thursday, August 22nd, 2019

The Fall and Rise of Public Heroism Wednesday, August 21st, 2019

Inside the Hong Kong Protests Wednesday, August 21st, 2019

Is Britain Becoming a Failed State? Tuesday, August 20th, 2019