EU’s Blocking Statute to sanctions on Iran comes into force

Photo: European Union Federica Mogherini

The EU’s updated Blocking Statute enters into force on 7 August as to mitigate the impact of the taking effect tomorrow re-imposed US sanctions on Iran, concerning the interests of EU companies doing legitimate business in this country. The updated Blocking Statute is part of the EU’s support for the continued full and effective implementation of the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal, including by sustaining trade and economic relations between the EU and Iran.

The ties were normalised when nuclear-related sanctions were lifted as a result of the JCPOA.

The process of updating the Blocking Statute was launched by the Commission on 6 June 2018, when it added to its scope the extraterritorial sanctions the US is re-imposing on Iran. A two-month scrutiny period for the European Parliament and the Council followed. Since neither objected, the update will be published in the Official Journal and will enter into force on 7 August.

In the meantime in a joint statement the EU Foreign Affairs Chief Federica Mogherini and foreign ministers of E3 - Jean-Yves Le Drian of France, Heiko Maas of Germany and Jeremy Hunt of the UK voiced their deep regret about the re-imposition of sanctions by the US, due to the latter's withdrawal from the Joint Comprehensive Plan of Action (JCPOA).

The JCPOA is working and delivering on its goal, namely to ensure that the Iranian programme remains exclusively peaceful, as confirmed by the International Atomic Energy Agency (IAEA) in 11 consecutive reports, the statement reads. It is a key element of the global nuclear non-proliferation architecture, crucial for the security of Europe, the region, and the entire world. We expect Iran to continue to fully implement all its nuclear commitments under the JCPOA, Mogherini and E3 ministers asserted.

 

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