5/18/2018, 11:47 AM (Source: TeleTrader)
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EU launches process to block new US Iran sanctions

The European Commission launched the formal process to activate the Blocking Statue on Friday, effectively banning companies in the European Union from complying with the new United States sanctions on Iran. The measure is to come into force within two months, the EU's legislative body said in a statement.

"Following the green light of EU leaders at the informal meeting in Sofia, the European Commission has today taken steps to preserve the interests of European companies investing in Iran and demonstrate the EU's commitment to the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal," the statement explained, adding that the bloc is " fully committed to the continued, full and effective implementation" of the agreement with Tehran.

Yesterday in Sofia, European Commission President Jean-Claude Juncker told EU heads of state the American sanctions would not remain without consequences as it is the bloc's duty to "protect European companies."

Breaking the News / JC