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Brussels, 06 June 2018

EXTERNAL ACTION

IRAN: Commission unveiled two measures to counter American extraterritorial sanctions

On Wednesday 6 June, the European Commission adopted two proposals to offset the effects on European businesses of the US extraterritorial sanctions adopted against Iran and to pursue economic and trade relations with Teheran (see EUROPE 12023).

The US sanctions have been added to the 'Blocking Statute', which prohibits European companies from complying with the extraterritorial effects of the American sanctions, allows them to recover damages caused by these sanctions from the person who caused them and cancels the effect of foreign judgements based on these sanctions within the EU.

The Commission has also undertaken to modify the mandate of the European Investment Bank (EIB) for its loans outside the EU, to make Iran eligible for investments of the EU bank. The decision to invest on Iranian soil will belong to the EIB alone, subject to its own rules and procedures, the European institution stresses.

The European Parliament and the Council of the EU have two months to object to these proposals. If they do not, the measures will be deemed to have been adopted and will enter into force no later than the beginning of August, when the US sanctions take effect.  (Original version in French by Mathieu Bion)

Brussels, 18 May 2018

European Commission - Press release

European Commission acts to protect the interests of EU companies investing in Iran as part of the EU's continued commitment to the Joint Comprehensive Plan of Action