EU vows to protect European companies in Iran – Johannesburg hub for cash only economy - EU court upholds controversial insecticide ban
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.
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.
EU leaders are huddling to address a response to the US exit from the Iran nuclear deal and the threat of US tariffs on steel and aluminum. EU President Donald Tusk started the summit by lashing out at Donald Trump.
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.
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