EU to activate law that protects its companies against Iran-related US sanctions

The European Commission will launch on Friday the process of activating a law that bans European companies from complying with US sanctions against Iran and does not recognise any court rulings that enforce US penalties, Reuters reports.

“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 to activate the ‘blocking statute’ from 1996,” said EC president Jean-Claude Juncker yesterday, at a meeting of EU leaders in Sofia, Bulgaria.

“We also decided to allow the European Investment Bank to facilitate European companies’ investment in Iran. The EC will maintain its cooperation with Iran,” Juncker added.

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