(Worthy News) – On Monday, European Union foreign policy chief Federica Mogherini, in conjunction with the top diplomats of Britain, France and, for that matter, Germany, released a joint statement expressing “deep regret” over the re-imposition of American sanctions on the Islamic Republic.
“We are determined to protect European economic operators engaged in legitimate business with Iran,” the politicians wrote. “This is why the European Union’s updated Blocking Statute enters into force on 7 August to protect EU companies…from the impact of US extra-territorial sanctions.”
The “blocking statute”—a law enacted in one jurisdiction to obstruct the application of a law enacted in another jurisdiction—essentially prohibits EU firms from complying with US sanctions and provides mechanisms that allow businesses to recover any resulting damages while negating potential foreign court rulings against them.
For good measure, the EU committed to the “preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas.”[ Source: Jerusalem Post (Read More…) ]
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