The EU plans to use its so-called "blocking statute" to counter US sanctions against Iran. The measure was first threatened in response to US sanctions on Cuba in 1996 but never introduced. Will it now help EU firms doing business with Teheran?
EU Commission President Jean-Claude Juncker announced that the bloc plans to kickstart a 1996 law that would prohibit European companies from complying with US sanctions on Iran.
The EU has drafted business safeguards to salvage the Iran nuclear deal, including prohibiting firms from complying with US sanctions and sending money to Iran's central bank. Experts doubt such efforts will be enough.
French auto giant PSA has announced its withdrawing from its joint venture activities in Iran to avoid looming US sanctions. The company is instead looking to launch a car-sharing service in the United States.
Trump’s decision to end the Iran nuclear deal will hit the Iranian economy, although with China and the EU not on board the impact may be less severe than some fear. How Iran's banking system fares could tell us more.
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