All tagged blocking regulation
◢ The EU said Monday it deeply regretted the US reimposition of sanctions on Iran after President Donald Trump pulled out of the 2015 nuclear pact, and vowed immediate steps to protect European companies. The statement by EU diplomatic chief Federica Mogherini and the foreign ministers of Britain, France and Germany said it would also work to keep "effective financial channels" open with Iran.
◢ The EU launched formal steps Friday aimed at sparing European firms fallout from US sanctions on Iran as part of efforts to preserve the nuclear deal with Tehran. The move to invoke the "blocking statute" had received the all-clear at a meeting of European Union leaders in Sofia on Thursday as the transatlantic rift deepened.
◢ The EU will on Friday begin moves to block the effect of US sanctions on Iran in the bloc, European Commission chief Jean-Claude Juncker said, as part of efforts to preserve the nuclear deal with Tehran. The "blocking statute" is a 1996 regulation originally created to get around Washington's trade embargo on Cuba.
◢ France's economy minister Bruno Le Maire urged European nations Friday to defend themselves against US sanctions targeting foreign companies that trade with Iran, as the rift between Washington and its allies deepens. Le Maire said the European Union had to defend its "economic sovereignty" when it comes to the right to trade with Iran.