Economic news

EU began procedure for protecting its firms in Iran

The EC announced today that it had begun taking action for blocking sanctions, aimed at protecting EU companies in Iran, after the U.S. abandoned the Iran nuclear agreement and reinstated sanctions against the Middle Eastern country.

The procedure of implementing the Blocking Statute had been initiated with reference to EU regulation from 1996, said the Commission.

EU said the blocking statute is being amended so as to include the U.S. President’s May 8 decision of renewing sanctions on Iran, which affect the crucially important oil industry and dealings with the country’s central bank.

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