The European Commission said Friday it is planning to shield EU-based companies that continue to trade with Iran despite Trump’s decision to quit an international nuclear agreement and reintroduce sanctions.
The move, which has the support of all 28 EU states, is part of an effort by Germany, France and the United Kingdom to salvage the 2015 deal that promised Iran economic benefits in return for a promise that it would limit its nuclear program. If the EU can’t guarantee continued trade and investment, Iran has little incentive to play ball.
The EU is also encouraging its member states to explore the possibility of making one-off payments to Iran’s central bank to underpin the OPEC country’s oil trade, which is vital to its economic prospects.
The most significant measure announced Friday is a “blocking statute.” It would protect European companies from US sanctions, but could expose them to European penalties if they choose to cut ties with Iran.—Agencies