President Donald Trump last week withdrew the US from the 2015 Iran nuclear deal, but European signatories vowed to salvage it. Trump's move means that Iran is likely to be hit with US sanctions.
In an effort to keep Iran in the deal, the EU's executive Commission announced that it will start work on revising a so-called blocking regulation that was drawn up in 1996 in response to the fallout from US sanctions on Cuba, and on Libya and Iran.
The measure has never been used, but in essence it bans companies from respecting American sanctions where those sanctions might damage EU interests, notably trade and the movement of capital.
Published Date: May 18th, 2018 06:15 AM | Updated Date: May 18, 2018 06:20 AM IST