EU push to activate law exempting EU firms from U.S. sanctions on Iran
- 6 years ago
The European Union is taking a united stand against President Trump's decision to pull out of the 2015 Iran nuclear deal.
On Friday, the European Commission is slated to kick off the process of activating a law that bans European companies from complying with U.S. sanctions against Iran.
The move was announced by Commission President Jean-Claude Juncker after EU leaders agreed on Wednesday to activate the so-called blocking statute - a 1996 regulation that prohibits EU companies and courts from complying with foreign sanctions laws.
It has to be updated to include sanctions announced by President Trump.
The process is expected to take about two months, depending on how fast the European parliament and Council vote on the update.
The EU has continued to criticize Trump's decision to withdraw from the Iran deal, saying it was the best way, at the moment, from stopping Tehran acquiring nuclear weapons.
On Friday, the European Commission is slated to kick off the process of activating a law that bans European companies from complying with U.S. sanctions against Iran.
The move was announced by Commission President Jean-Claude Juncker after EU leaders agreed on Wednesday to activate the so-called blocking statute - a 1996 regulation that prohibits EU companies and courts from complying with foreign sanctions laws.
It has to be updated to include sanctions announced by President Trump.
The process is expected to take about two months, depending on how fast the European parliament and Council vote on the update.
The EU has continued to criticize Trump's decision to withdraw from the Iran deal, saying it was the best way, at the moment, from stopping Tehran acquiring nuclear weapons.