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EU looks to activate regulation shielding EU firms from U.S. sanctions on Iran

Arirang News 2018-05-18

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EU "트럼프 이란 제재로부터 유럽 기업 지키자"

Following his decision to pull out of the Iran nuclear deal, President Trump has threatened to impose sanctions against firms operating in Iran.
But the EU appears to be taking a stand against that decision, possibly putting itself on a collision course with America.
Won Jung-hwan explains further.

U.S. President Donald Trump has vowed not only the highest level of economic sanctions on Iran,… but also threatened political and economic repercussions to those that continue do business with it.

But the European Union is taking a united stand against President Trump's decision to pull out of the 2015 Iran nuclear deal and sanctions on Iran.

The president of the European Council, Donald Tusk, told a news conference on Thursday local time that EU leaders had agreed to stay in the agreement.

"As to the Iran nuclear deal, we agreed unanimously that the EU will stay in the agreement as long as Iran remains fully committed to it. Additionally the Commission was given a green light to be ready to act whenever European interests are affected.

And to try and protect EU firms from the sanctions, the European Commission will start making moves on Friday morning to activate a regulation that bans European companies from complying with U.S. sanctions against Iran.

European Commission President Jean-Claude Juncker announced the decision after EU leaders agreed on Wednesday local time to activate the so-called blocking statute,... a 1996 regulation that prohibits EU companies and courts from complying with foreign sanctions laws.

As the U.S. starts to impose sanctions on key Iranian figures,… the dispute between the EU and the U.S. could possibly escalate further.
Won Jung-hwan, Arirang News.

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