European Commission began work on Friday on series of measures to shield European companies investing in Iran and support Tehran’s economy, in the hope of salvaging the Iran nuclear deal following the U.S. decision to withdraw.
Following May 8 announcement by U.S. President Donald Trump, the EU pledged to stick to the 2015 deal, meant to prevent Iran from developing nuclear weapons in return for the lifting of sanctions that stifled its economy.
“As long as Iranians respect their commitments, the EU will of course stick to the agreement of which it was an architect,” said European Commission, President Jean-Claude Juncker, while warning that the U.S. decision to reimpose sanctions “will not be without effect.’’
To counter the impact of U.S. sanctions, the commission began work on Friday to update the so-called blocking statute – legislation that forbids EU companies from complying with the sanctions and allows them to recover any damages suffered.
The aim is to have the measure in effect before the first batch of U.S. sanctions kicks in on Aug. 6, the EU’s executive said in a statement.
It also aims to allow the European Investment Bank to finance activities in Iran, noting that this would be particularly useful for smaller firms.
EU leaders reaffirmed their commitment to the nuclear deal at a summit in the Bulgarian capital Sofia this week, even as multinationals such as the French energy giant Total and Danish shipping company Maersk Line signalled their intention to pull out of Iran.
dpa/NAN
https://www.africaprimenews.com/2018/05/17/world/eu-leaders-ready-to-offer-trump-greater-market-access-to-avert-trade-war/
