Iran nuclear deal: European Union looks to avoid impact of United States sanctions

Iran nuclear deal: European Union looks to avoid impact of United States sanctions

Iran nuclear deal: European Union looks to avoid impact of United States sanctions

Juncker said the commission will begin the process of activating a so-called blocking statute, which bans European Union companies from observing the sanctions and any court rulings that enforce US penalties. "This approach could help the Iranian authorities to receive their oil-related revenues, particularly in case of U.S. sanctions which could target European Union entities active in oil transactions with Iran", the document says.

Iranian Foreign Minister and foreign ministers of major world powers stand for a photo after reaching a historic nuclear accord in 2015.

This mechanism, dating back to 1996 and never used, adopted at the time to circumvent the embargo on Cuba, allows European companies and courts not to submit to regulations relating to sanctions taken by third countries. "We will have to see whether those remaining in the JCPOA can deliver those benefits to Iran", he said in the Belgian capital on Tuesday.

Macron also said that the nuclear deal with Iran must not only be preserved, but also supplemented and expanded to include ways to solve the missile problem and questions about Iran's role in the region.

The measures announced in Brussels will come into force within two months unless the European Parliament or the EU governments formally reject them.

Also, EC has made a decision to allow European Investment Bank to facilitate investment of European companies in the Islamic Republic of Iran, he maintained.

"The American sanctions will not be without effect".

In addition, Jean-Claude Juncker noted that EU leaders had "also chose to allow the European Investment Bank to facilitate European companies' investment in Iran" and that the European Commission would continue to cooperate with Iran.

However, there are signs that European and multinational businesses - faced with a choice between cutting ties with Iran and jeopardising operations in the world's biggest economy, the United States - are opting for the former.

Danish shipping giant Maersk and German insurer Allianz said Thursday they plan to wind down activities in Iran.

European Council President Donald Tusk said EU leaders had agreed to give the Commission the green light to act whenever European interests were affected.

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