Europe to protect its firms from US sanctions on Iran

TEHRAN, May 18 (MNA) – Jean-Claude Juncker President of European Commission (EC) said, “we are preparing a legislation in order not to recognize US secondary sanctions imposed against European companies for cooperating with Iran.”

For this purpose, European Union will enact a law to ban its companies from US sanctions imposed on Iran, Juncker maintained.

Given the above issue, the legislation will not recognize any court order to impose a fine that the White House may impose on the European companies to do business in the Islamic Republic of Iran, he said, adding, “as the European Commission, we are duty bound to protect our companies in the face of sanctions imposed by US on Iran.”

Also, EC has decided to allow European Investment Bank to facilitate investment of European companies in the Islamic Republic of Iran, he maintained.

EC will maintain its cooperation with Iran while the US Treasury Department has recently announced to European companies that they have been given a six-month deadline to end their investment 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.

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