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European Commission looks to block US sanctions on Iran
来源： 编辑：编辑部 发布：2018/05/25 09:18:31
THE European Commission has taken steps to block US sanctions on Iran, according to a statement from the European Commission, reports American Shipper.
"We will begin the 'blocking statute' process, which aims to neutralise the extraterritorial effects of US sanctions in the EU," said European Commission chief Jean-Claude Juncker.
The "blocking statute" is a 1996 regulation intended to limit the effects of foreign sanctions on EU businesses.
It "forbids EU companies from complying with the extraterritorial effects of US sanctions, allows companies to recover damages arising from such sanctions from the person causing them, and nullifies the effect in the EU of any foreign court judgments based on them", the commission said.
Because the statute was initially created as a means of circumventing the US embargo on Cuba, it was never actually put into effect in any meaningful way. As such, trade analysts have already begun questioning whether it can have the desired effect in this case, said American Shipper.
In addition, the European Commission has begun the formal process of removing obstacles to the European Investment Bank financing activities in Iran.
"This will allow the EIB to support EU investment in Iran and could be useful in particular for small and medium-sized companies," it said, noting that the European Parliament will have two months to object to either measure and that both would be terminated in the event that "political circumstances no longer justify [their] adoption".
The commission will also "continue and strengthen the ongoing sectoral cooperation with, and assistance to, Iran, including in the energy sector and with regard to small and medium-sized companies", starting with Miguel Arias Canete, commissioner for Climate Action and Energy, travelling to Tehran this week.
"We will begin the 'blocking statute' process, which aims to neutralise the extraterritorial effects of US sanctions in the EU," said European Commission chief Jean-Claude Juncker.
The "blocking statute" is a 1996 regulation intended to limit the effects of foreign sanctions on EU businesses.
It "forbids EU companies from complying with the extraterritorial effects of US sanctions, allows companies to recover damages arising from such sanctions from the person causing them, and nullifies the effect in the EU of any foreign court judgments based on them", the commission said.
Because the statute was initially created as a means of circumventing the US embargo on Cuba, it was never actually put into effect in any meaningful way. As such, trade analysts have already begun questioning whether it can have the desired effect in this case, said American Shipper.
In addition, the European Commission has begun the formal process of removing obstacles to the European Investment Bank financing activities in Iran.
"This will allow the EIB to support EU investment in Iran and could be useful in particular for small and medium-sized companies," it said, noting that the European Parliament will have two months to object to either measure and that both would be terminated in the event that "political circumstances no longer justify [their] adoption".
The commission will also "continue and strengthen the ongoing sectoral cooperation with, and assistance to, Iran, including in the energy sector and with regard to small and medium-sized companies", starting with Miguel Arias Canete, commissioner for Climate Action and Energy, travelling to Tehran this week.