EU Commission takes steps to protect EU business in Iran

Total may pull out of Iran South Pars project

Total may pull out of Iran South Pars project

During their meeting with their Iranian counterpart Mohammed Javad Zarif earlier this week, European Union foreign ministers discussed how best to keep the nuclear agreement alive without the US.

In a statement, the Commission said it had "launched the formal procedure to activate the "Blocking Statute" by updating the list of United States sanctions against Iran falling within its scope".

The European Union and Iran have launched a vigorous campaign to safeguard the 2015 nuclear deal that the U.S. has recently ditched by trying to keep Iran's oil and investment flowing.

The European Commission said Friday it is taking steps to shield EU companies doing business in Iran after the US government abandoned an global nuclear deal and warned that it could impose sanctions on companies trading with Tehran.

A blocking statute is a law enacted in a local jurisdiction that attempts to hinder the application of a law made by a foreign jurisdiction and is widely seen as an attempt to put pressure on Washington not to punish European firms that continue doing business with Iran.

The European Commission, the bloc's executive, said it had started the process of renewing a sanctions-blocking measure this morning. Trump vowed to reinstate the previous sanctions and introduce new restrictions should Tehran carry out its nuclear ambitions.

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The European Commission said on Friday the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it.

The renewal of United States sanctions after Donald Trump's decision to withdraw from the Iran nuclear deal has raised questions about a number of major energy initiatives.

The step comes after Iran's Foreign Minister Mohammad Javad Zarif traveled to Brussels and met with his British, French and German counterparts to discuss the future of the nuclear deal without the US.

"The American sanctions will not be without effect".

"US sanctions will not be without effect, so it is our duty, in the Commission and in the European Union, to do what we can to protect our European businesses, especially SMEs", said Friday. the President of the European Commission, Jean-Claude Juncker. The EU will remain committed to the Iran nuclear deal, the European Commission said on Friday.

The Commission itself will maintain its cooperation with Iran. The measures include continuing to sell Iran's oil and gas products, maintaining effective banking transactions and protecting European investments in Iran.

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