European leaders on Friday agreed on a plan that “forbids EU companies from complying” with U.S. sanctions on Iran, as part of an effort to blunt the effect of President Trump’s withdrawal from the pact.
“The European Union is committed to mitigating the impact of US sanctions on European businesses and taking steps to maintain the growth of trade and economic relations between the EU and Iran that began when sanctions were lifted,” the European Commission said in a statement.
The commission’s plan starts with the activation of a “blocking statute” that “forbids EU companies from complying with the extraterritorial effects of US sanctions,” which is an effort to protect the companies from U.S. fines. They’re also working to provide financing to investment in Iran by allowing the European Investment Bank to finance deals and “encouraging Member States to explore the possibility of one-off bank transfers to the Central Bank of Iran.” That constitutes an open flouting of Trump’s recent refusal to waive sanctions on the regime’s key financial institution.
“As long as the Iranians respect their commitments, the EU will of course stick to the agreement of which it was an architect,” European Commission President Jean-Claude Juncker said. “But the American sanctions will not be without effect. So we have the duty, the Commission and the European Union, to do what we can to protect our European businesses, especially [small and medium-sized enterprises].” – READ MORE
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