EU vows to protect European companies in Iran – Johannesburg hub for cash only economy - EU court upholds controversial insecticide ban
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's vow to keep trading with Tehran despite new US sanctions is causing further friction with Washington. The creation of a special purpose vehicle (SPV) will help facilitate payments between Iran and Europe.
Trump's decision to reimpose a range of economic sanctions on Tehran puts German and EU firms in a tough spot. It seems that their plans for doing business in Iran have to be shelved.
The US said it would impose "unprecedented financial pressure on Iran." The refusal to grant EU businesses an exemption for Iran sanctions pushes Europe and the US further down a collision course over ties to Tehran.
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