European leaders have sounded the alarm after the US House of Representatives voted overwhelmingly in favor of imposing fresh sanctions on Russia. They say the new measures could disadvantage European companies working on Russian pipelines.
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.
Go along with US sanctions, and you'll face jail — that's the warning Russian lawmakers have for those who adhere to or facilitate business sanctions. Foreign companies have much to lose in this catch-22 situation.
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.
Economists disagree about whether international sanctions truly influence domestic polices. But all signs indicate that the US is making a mistake by hitting Iran with another round of harsh economic penalties.
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