The European Union will introduce legislation on August 7 that repeals the action of US extraterritorial sanctions against Iran on the territory of the EU.
“As the first series of newly imposed US sanctions against Iran comes into force, (August 7 – Ed.), The updated EU Blocking Statute will come into force to mitigate their influence on the interests of EU companies conducting legitimate business in Iran, – the European Commission said in a statement.
It is a question of updating the statute from 1996. “The update will be published in the official EU journal and will come into force on August 7,” the EC said.
US President Donald Trump announced in early May that Washington is withdrawing from an agreement with Iran on the nuclear program. He reported on the restoration of all sanctions against Tehran, including secondary ones, that is, with respect to other countries conducting business with Iran.
The updating of the Blocking Statute is part of the EU’s support for the implementation of the nuclear deal with Iran, trade and economic relations with the country.
The updated Blocking Statute will prohibit EU residents and companies from following the relevant extraterritorial sanctions of the United States. However, the European Commission in certain cases will be able to give permission for this, according to the materials of the EC.
The EU countries can impose penalties against companies and EU residents for failure to comply with the rules of the statute.
These rules also cancel in the territory of the EU the judicial decisions of foreign courts arising from these sanctions of the USA, the materials of the EC testify.
The Statute will allow EU residents and companies to demand, through the courts of the EU countries, compensation for damages from such sanctions from individuals and companies that have inflicted it. Compensation for damage, according to the EC, can be in the inventory and sale of assets of the person who caused this damage, its representatives and intermediaries.