EU moves to save Iran deal

EU moves to save Iran deal
ID : N-1794 Date : 2018/05/19 - 13:26

(Persia Digest) – Following the meeting of 28 EU countries to take a united stance to save the JCPOA, they have proposed a four-step package to alleviate the impact of sanctions on the Iranian economy which will be reimposed on Iran by the US.

As announced by the European Commission, the EU will initially use the blocking statute to counter US sanctions against Iran. This was first used in the 90s for US sanctions against Cuba. Apart from banning European countries from recognizing US transatlantic sanctions, the statute also bans real and legal personalities on the Continent from accepting US judicial judgments for secondary transatlantic sanctions.

The second step is European investment in Iran whereby the EU intends to eliminate banking hurdles on the path of the European Investment Bank (EIB) supporting small and medium-sized European companies investing in Iran.

In the third instance, the EU has placed investment in Iran’s energy sector on its agenda for further confidence-building. As an initiative for this move, the President of the EU Energy Commission has traveled to Iran this week.

In the fourth instance, the EU will credit the CBI account in other countries for purchases of Iranian oil as a guarantee for Iran to have access to its oil revenue sales.

Persia Digest reports that following the unilateral US withdrawal from the JCPOA, Iran announced that if its interests are guaranteed under the JCPOA by the remaining parties in the deal, Iran will also continue to remain in the agreement. Otherwise, it will take the necessary actions. To this end, the Iranian FM traveled to China, Russia, and Europe last week to meet with his counterparts and discuss the new JCPOA developments.

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