EU Launches Measures to Protect European Business in Iran

(From Reuters)

The European Commission said on Friday it had started the process of renewing a sanctions-blocking measure to protect European businesses in Iran, after the United States pulled out of the Iran nuclear accord and reimposed sanctions on Tehran.

The Commission said in a statement it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope,” referring to an EU regulation from 1996.

EU officials say they are revamping the blocking statute to encompass U.S. President Donald Trump’s May 8 decision to revive Iran-related sanctions, after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran’s lifeblood oil sector and transactions with its central bank.

The Commission said the EU measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support.

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