While walking out of the deal, Trump also reinstated sanctions on Iran as well as anyone dealing with Iran.
As the world seeks to come to grips with President Trump's withdrawal from the JCPOA, it appears that the European Union will play one of its strongest cards by invoking its "Blocking Regulation", which would prohibit European companies from complying with US sanctions against Iran.
The commission, executive of the European Union (EU), also proposed to "remove obstacles for the European Investment Bank (EIB) to decide under the EU budget guarantee to finance activities outside the European Union, in Iran".
Following the lifting of sanctions imposed on Iran in 2016 caused by the implementation of Joint Comprehensive Plan of Action (JCPOA), many European companies flocked to Iran for clinching several billion-euro worth of deal and seized this opportunity to play an active role in Iran's energy sector, he concluded.
In Berlin, the president of the German Industry Federation (BDI), Dieter Kempf, expressed concern on Friday about the impact that these European protection measures could have on German companies in the United States.
European Union officials say they are revamping the blocking statute to encompass U.S. President Donald Trump's May 8 decision to revive Iran-related sanctions, after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran's lifeblood oil sector and transactions with its central bank.More news: Memory Transplant Successfully Done on Snails
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Europe's hardline position will infuriate Trump, as Brussels effectively nullifying U.S. sanctions will prompt a violent outburst from Trump, who needs Europe on his side for United States sanctions of Iran to have any chance of succeeding.
The "blocking statute" is a 1996 regulation originally created to get around Washington's trade embargo on Cuba.
"In Sofia, we saw a show of European unity. The president of the French republic is not the CEO of Total", said French President Emmanuel Macron, commenting on the decision by the French oil firm to withdraw from an Iranian project.
European powers are uniting to curb the effects of US sanctions on Iran.
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