The EU is on a collision course to the USA: To the rescue of the nuclear agreement with Iran wants the European Union , a law on the defense of the U.S. sanctions apply. “We must act now,” said EU Commission President Jean-Claude Juncker on Thursday after a EU leaders meeting in the Bulgarian capital, Sofia. It is mainly to protect small and medium-sized enterprises.
The so-called “Blocking Statutes” could European companies, under penalty, prohibited to the US sanctions against Iran to keep that after the unilateral withdrawal of the USA from the nuclear deal was again introduced. At the same time, it rules that the European companies will be compensated for any costs and losses.
How exactly is the EU-defense law could be used, remained unclear. German Chancellor Angela Merkel (CDU) said in Sofia, comprehensive compensation for European companies think they are not feasible. “In a comprehensive manner to compensate for the economy as a whole in the case of the corresponding measures of the United States of America – because we can and we must stir up any illusions,” said Merkel.
“As the European Commission we have the duty to protect European companies. We now need to act and this is why we are launching the process of to activate the ‘blocking statute’ from 1996. We will do that tomorrow morning at 1030,” European Commission President Jean-Claude Juncker said.
We will begin the ‘blocking statute’ process, which aims to neutralise the extraterritorial effects of US sanctions in the EU. We must do it and we will do it tomorrow morning at 10:30
We also decided to allow the European Investment Bank to facilitate European companies’ investment in Iran. The Commission itself will maintain its cooperation with Iran.