EU takes steps to protect European companies investing in Iran

EU takes steps to protect European companies investing in Iran

EU takes steps to protect European companies investing in Iran

On Friday morning the European Commission, the EU's executive arm, will begin putting a so-called blocking statute in place to shield European companies doing business with Iran from USA sanctions.

The European Commission received the unanimous backing of EU heads of government to proceed with proposals made by commission president Jean-Claude Juncker and High Representative Federica Mogherini, which aim to protect European companies investing in Iran through action on four fronts.

The Commission also proposes to allow the European Investment Bank (EIB) to facilitate investment by European companies in Iran.

As the European signatories of the JCPoA, France, Germany and the United Kingdom have repeated their commitment to the deal, and discussed compensatory measures to ensure that U.S. sanctions do not make the agreement void.

The European Commission has begun work to implement a law which prohibits European companies from adhering to USA sanctions against Iran, a move to help keep the Iran nuclear agreement intact and to defend European corporate interests.

The European Union is trying to find ways to keep Iran in the 2015 accord by safeguarding the economic benefits of the nuclear deal after US President Donald Trump abruptly pulled out of the deal. It is about stability, it is about favoring an opening of Iranian society.

As such, France and the European Union have no intention of imposing sanctions or counter-sanctions on USA companies over the U.S.'s re-imposition of sanctions on Iran, Macron said.

United States sanctions must be reinstated within 90 to 180 days. "We have pledged to take necessary political steps for our companies to stay in Iran".

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

Still he said he won't force companies to stay in Iran should the sanctions; "The President of the Republic is not the director general of Total".

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Moreover, the Europeans' commitment to the nuclear deal may come with strings attached, including their demands that Iran restrict its missile capabilities as well as its role in the Middle East.

The Iranian is an online magazine for those who care deeply about all things Iranian: identity, culture, music, history, politics, literature, and one another.

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