European Union to activate statute to shield firms from USA sanctions against Iran

Europe to exempt its firms from US sanctions on Iran

"If we back down step by step, if we acquiesce, if we become a kind of junior partner of the United States then we are lost", moments ago Reuters reported that the European Commission is set to launch tomorrow the process of activating a law that bans European companies from complying with USA sanctions against Iran and does not recognise any court rulings that enforce American penalties.

The EU leaders discussed Iran at a meeting in Bulgaria, European Commission chief Jean-Claude Juncker said, adding the bloc would start measures on Friday to ease the effect of the U.S. sanctions on European companies. "So we have the duty, the Commission and the European Union, to do what we can to protect our European businesses, especially SMEs".

The EU launched formal steps Friday aimed at sparing European firms fallout from USA sanctions on Iran as part of efforts to preserve the nuclear deal with Tehran. In particular, both sides have discussed how to keep revenue flowing into Iran in light of pending sanctions. It is about stability, it is about favoring an opening of Iranian society. The 2015 nuclear agreement is a crucial element of peace and security in the region.

What did President Trump decide to do?

United States individuals and entities are barred from doing business with them following the move.

While walking out of the deal, Trump also reinstated sanctions on Iran as well as anyone dealing with Iran.

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"International companies with interests in many countries make their own choices according to their own interests".

Why is the USA imposing sanctions on Iran? "This approach could help the Iranian authorities to receive their oil-related revenues, particularly in case of USA sanctions which could target European Union entities active in oil transactions with Iran", the document says.

"In Sofia, we saw a show of European unity".

But companies around the world which invested in Iran after sanctions were lifted are now faced with a hard choice as Washington has threatened to punish firms that violate US sanctions by dealing with Tehran.

Mr. Trump's Iran decision is part of a broader pattern of actions that have deeply frustrated America's European allies. Please donate or subscribe to help fund independent journalism for the Iranian Diaspora.

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