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Updating The Eu'S Blocking Statute Supports The Iran Nuclear Agreement

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  • Virginia Câmpeanu

Abstract

In early May 2018, President Donald Trump announced the U.S.' withdrawal from the historic Iran nuclear deal (JCPOA). The decision puts US sanctions on Iran back in place that existed at the time of the deal (2015). As a result of US-initiated measures with some extraterritorial effects, the European Commission updated the "blocking statute" (Council Regulation 2271/96), so as to apply from August 7, 2018. According to the European Commission, the measure is likely to mitigate the impact of US sanctions on the legitimate interests of EU companies operating in Iran.This article analyzes and summarizes 1) the US reimposed sanctions on Iran related to Iran's nuclear activities and the JCPOA provisions considered by the US to be insufficient and ineffective; 2) EU measures to protect the interests of European companies conducting economic /trade activities with Iran, and 3) Some opinions on the potential impact of the EU blocking statute on the European companies engaged in business with Iran.

Suggested Citation

  • Virginia Câmpeanu, 2019. "Updating The Eu'S Blocking Statute Supports The Iran Nuclear Agreement," Euroinfo, Institute for World Economy, Romanian Academy, vol. 3(1), pages 37-47, January.
    • Handle: RePEc:iem:eurinf:v:3:y:2019:i:1:p:37-47
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    More about this item

    Keywords

    European Union; USA; Iran; economic sanctions;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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