EU activates law on protecting Iran trade: Mogherini
Tehran (KAN) - European countries have activated a blocking statute that prohibits companies from complying with US sanctions on Iran, EU foreign policy chief Federica Mogherini says.
"Today, the European Council has endorsed the update of the blocking statute annex on the nuclear deal with Iran," Mogherini told reporters in Brussels at a meeting with EU foreign ministers.
A blocking statute is a law enacted in 1996 to protect European entities "against the effects of the extra-territorial application of legislation adopted by a third country.
"The bloc should have updated the law to include US sanctions on Iran, requiring consent from the EU's 28 member states.Mogherini said Monday said the European Parliament gave its go-ahead to the statute two weeks ago, providing companies legal cover to operate in Iran.
The law is due to go into effect on August 6, when the first set of US sanctions against Iran kicks in. The statute will allow firms to recover damages from American measures and nullify any court ruling against them.
The measure is the first practical step taken by the Europeans to persuade Iran to remain in the 2015 nuclear deal after Washington's withdrawal and its threat to reimpose sanctions on the Islamic Republic.
Source: PressTV