European Commission decides to blocs United States sanctions against Iran on its territory

18 May, 2018, 14:48 | Author: Sheila Harris
  • Total may pull out of Iran South Pars project

On Friday morning the European Commission, the EU's executive arm, will begin putting a so-called blocking statute in place to shield European companies doing business with Iran from US sanctions.

EU Commission President Jean-Claude Juncker announced that the bloc plans to kickstart a 1996 law that would prohibit European companies from complying with United States sanctions on Iran.

Other measures proposed by the Commission, the EU executive, include urging EU governments to make transfers to Iran's central bank and to start the legal process of allowing the European Investment Bank to lend to EU projects in Iran.

EC will maintain its cooperation with Iran while the US Treasury Department has recently announced to European companies that they have been given a six-month deadline to end their investment in Iran.

With this option, European companies were forbidden to comply with USA sanctions against Iran under threat of punishment. In particular, both sides have discussed how to keep revenue flowing into Iran in light of pending sanctions.

Perhaps sensing what is coming, French President Emmanuel Macron took a slightly softer tone, and said that the French defense of Iran nuclear accord is based on concerns about security and stability, not commerce, and that the deal should be supplemented and it is necessary to continue negotiations, including on missile program. It is about stability, it is about favoring an opening of Iranian society.

Israeli military sends aid to Gaza
Its forces have killed 116 Palestinians since a campaign of protests on the Gaza-Israel border was launched on March 30. Israel regards all of the city, including the eastern sector it annexed after the 1967 conflict, as its capital.

Earlier this month, the USA announced its intention to withdraw from the JCPoA, an agreement which prevents Iran from developing nuclear weapons in exchange for greater participation in the global economy.

U.S. individuals and entities are barred from doing business with them following the move.

European Union officials say they are revamping the blocking statute to encompass Trump's May 8 decision to revive Iran-related sanctions.

European businesses are anxious that their ties with the United States could be damaged if they continue doing Iranian deals.

Despite their defiant response to Mr. Trump, it is unclear how effective any European Union measures would be in countering the restored American sanctions on Iran. Please donate or subscribe to help fund independent journalism for the Iranian Diaspora.

Recommended:



Popular

Bashar al-Assad has travelled to Russian Federation to meet Vladimir Putin
Putin also congratulated Assad on the "successes of the Syrian government's army in the fight against terrorist groups". The UN has hosted several rounds of peace talks in Geneva that have made no progress toward ending the conflict.

Congo-Kinshasa: Ebola Outbreak Spreads
Those exposed to the suspected Ebola cases will for the first time in Congo receive Ebola vaccinations, the health minister said. The WHO has sent 4,000 doses to Congo and said it will dispatch thousands more as needed in the coming days.

Mumbai Indians Behind the Scenes: Bumrah Shares His First Wankhede Memory
Krunal Pandya contributed 32 runs while Surya Kumar Yadav and Ishan Kishan chipped in to score their 27 and 20 respectively. He dismissed Finch with the first ball of the 17th over and then bounced out Marcus Stoinis while conceding only four runs.

Call of Duty: Black Ops 4 battle royale mode announced
During the event, three maps were revealed featuring four new characters in wildly different settings. Developer Treyarch has also - per rumours - ditched the single player component for Black Ops 4 .

WWE SmackDown Set For TV Bidding War?
Smackdown Live moved to the USA Network July of 2016, after 17 years of appearing on SyFy, MyNetworkTV, UPN and others. While early reports suggested FOX was gunning for WWE's programming, the latest details a drastically different story.

Whitney Houston Documentary Reveals She Was Molested By Cousin Dee Dee Warwick
The film also aims to answer why Houston's family did not step in before she accidentally drowned in February 2012. Houston's alleged abuser, Dee Dee Warwick died in 2008 , four years before the tragic death of Whitney Houston .

Infinity War Passes Jurassic World to Become Biggest Summer Movie Ever
Avengers: Infinity War' happens to be the sequel to 2012's Marvel's The Avengers and 2015's Avengers: Age of Ultron . As he concluded he added this tidbit, " We are going to keep cranking them out for you, if you let us".

Trump says United States doesn't have Libyan model approach to NK
Kim's sister, Kim Yo Jong, attends, making her the first member of her family to visit South Korea since the 1950-53 Korean War. By contrast, Kim would stay in power if he reaches a deal with the U.S.

Deadpool 2 Review: Finally, a Superhero Who Doesn't Save the Universe
Well, believe them! The movie also doesn't shy away from the gore, justifying the R-rating to fullest. On balance, though, Deadpool 2 is a seriously amusing comedy and a genuinely good time at the movies.

Meghan Markle's Mom Quits Her Job Just Days Before The Royal Wedding!
Markle secretly hired an LA-based paparazzi to take "candid" photos of him preparing for the big day, it was revealed this week. The post references Markle's dad Thomas , who has reportedly withdrawn from the ceremony following a recent heart attack.