EU activates the Blocking Statute on US Sanctions on Iran - Ester Holdings

EU activates the Blocking Statute on US Sanctions on Iran

Investing.com – The European Commission, following the agreement of the EU leaders at an informal meeting in Sofia, has taken steps today to preserve the interests of investments of European companies in Iran and demonstrated the commitment of the European Union to the Joint Comprehensive Action Plan (CAPA), the Brussels communiqué issued in Brussels.
“A formal process has been launched to revitalize the Blocking Statute by updating the list of US sanctions on Iran falling within its scope.The blocking statute prohibits EU companies from adhering to the extraterritorial actions of US sanctions, allows companies to reimburse losses arising from such sanctions on behalf of them, and annuls the influence in the EU of any foreign judicial decisions based on them.The goal is to take action before August 6, 2018, when the first batch of US sanctions comes into force, “in the EU message said.

The European Commission has launched a formal process to remove obstacles for the European Investment Bank (EIB) to finance activities outside the EU in Iran, the communiqué notes. “This will allow the EIB to support the EU investments in Iran and can be useful, in particular, for small and medium-sized enterprises.” All relevant rules and procedures will be applied to individual financial transactions, “explained in Brussels.

“In Sofia, we saw a demonstration of European unity: while the Iranians are complying with their obligations, the EU will, of course, adhere to the agreement it was the architect of, an agreement that was unanimously ratified by the UN Security Council and which is of the utmost importance for preserving peace in the region and in world “, – the words of the chairman of the European Commission Jean-Claude Juncker are given in the document.

At the same time, he noted that the American sanctions will not remain without consequences.

“Therefore, we, the European Commission and the EU, have a duty to do everything possible to protect our European business, especially small and medium-sized enterprises,” J. Junker said.

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