European companies doing business in Russia are stuck in the middle of a confusing flurry of sanctions and counter sanctions.
The EU has been leading the efforts to salvage the nuclear deal with Iran following the US withdrawal from the international agreement. But the threat of imminent US sanctions is already having an impact on Iranians.
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.
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 French shipping giant CMA CGM has pulled out of doing business with Iran for fear of antagonizing the US. Iranian President Hassan Rouhani has called on European countries to do more to offset renewed US sanctions.
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