Clashing With Trump, EU Tries to Blunt US Sanctions on Iran

Clashing With Trump, EU Tries to Blunt US Sanctions on Iran

The EU needs to safeguard Iran's economic benefits as well as its own, in order to keep Tehran in the 2015 worldwide nuclear deal and prevent its collapse.

President Donald Trump took the USA out of the Iran nuclear deal and plans to reimpose sanctions on the Islamic Republic.

Speaking at news conference after a meeting of EU leaders in Bulgaria, Juncker added that he "also made a decision to allow the European Investment Bank to facilitate European companies' investment in Iran".

Following our discussion of Europe's angry response to Trump's unilateral Iran sanctions, in which European Union budget commissioner, Guenther Oettinger made it clear that Europe will not be viewed as a vassal state of the USA, stating that "Trump despises weaklings".

The measure potentially could put European companies in a bind, as they could be forced to choose between compliance with the EU measure and US secondary sanctions against Iran. "We are looking for technical solutions to protect our companies", Ms. Grybauskaite said. The "blocking statute" is a 1996 regulation originally created to get around Washington's trade embargo on Cuba, which prohibits EU companies and courts from complying with specific foreign sanction laws, and says no foreign court judgments based on these laws have any effect in the European Union. By re-introducing it now, the European Union is seeking to ban firms respecting USA sanctions and make related U.S. court rulings non-effective in the EU.

But Mr Trump has denounced the "horrible" deal, and now Washington is re-imposing the strict sanctions.

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The world's leading container shipping company, A.P. Moller-Maersk, said it would no longer do business in Iran, Reuters reported, while the Italian steel maker Danieli began scaling back on Iranian orders.

The US position is at odds with that of France, Germany and the United Kingdom, which say they are committed to the agreement and to expanding trade with Iran.

United States individuals and entities are barred from doing business with them following the move.

What do the sanctions mean for Europe?

"In Sofia, we saw a show of European unity".

Some of Europe's biggest firms had rushed to do business with Iran after the nuclear deal took effect. The value of imports was almost double the 2016 figure. The US president called for signing a new deal with Tehran.

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