With a “defense law” is to persuade the EU companies to work in Iran. However, a protection against U.S. sanctions in the dispute over the Iran nuclear deal remains in practice rather difficult. Bernd Riegert from Brussels.
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Uncertainty in Iran-business is growing
The foreign policy chief of the European Union, Federica Mogherini, and three EU foreign Ministers, Jeremy Hunt, from the UK, Jean-Yves Le Drian of France and Heiko Maas from Germany, have jointly condemned the U.S. sanctions against Iran. After the retreat of the US Administration the “Iran Deal” to ensure the peaceful use of nuclear energy in Iran, the EU, China, Russia, and Iran to the agreement. The EU wants to run the us sanctions are set tomorrow morning, in force, and also European companies punish, the goings-on with the Iran trade, under.
The “secondary” sanctions that the USA imposed against European companies, the EU-Commission in Brussels for illegal. The Americans want to prohibit the European car manufacturers, banks and energy companies to do business with Iran. Should you are in breach of the prohibition, could be assets in the US seized. Also American companies that trade with European companies, which, in turn, are engaged in Iran, are threatened with penalties.
On the line: Iran’s foreign Minister Javad Zarif (l.), EU foreign policy chief Mogherini (archive may 2018)
EU wants U.S. to block sanctions “”
The EU has adopted a so-called “Blocking Statute”, to the effect of the American sanctions repel. “European companies should be protected”, said an EU official in Brussels. “We do not intend to write to the company but the economic decisions they make. No company can be forced to invest in Iran.” The European companies are given the right, before the European courts against the US to demand sanctions, lawsuits and damages from the American government or American companies. In practice, this path is likely to be very lengthy and costly. The EU Commission acknowledged that there was no precedent. The “Blocking Statute” or defense of the law has been applied, although as early as 1996 for the first Time adopt, never. At the time, the threat was enough already with the law, to move to the United States a suspension of secondary sanctions. At the time it came to economic sanctions against Cuba and Iran.
In the current dispute with Iran, the US has rejected government by the end of July, explicitly, the EU companies from the secondary sanctions to exclude. US President, Donald Trump relies on confrontation and has been supplied with the Iranian leadership, sharp war of words. He is, however, also meet at a summit that they were ready.
How large is the economic loss for a company could be subjected to the secondary US sanctions, could not quantify the EU-Commission. Already, many companies and banks have announced that the deal with Iran to pull back, especially if you have company values or real estate in the United States, to the state in case of doubt, could access.
A determined retreat: US President, Trump, the atomic energy announces agreement with Iran (may 2018)
Penalties for failure to Comply with the sanctions possible
The “Blocking Statute” prohibits European companies to adhere to American sanctions. This could be evidenced in the EU member States with penalties. However, a company can always say that it would be withdrawn from economic Considerations and not because of the US sanctions from Iran. A high EU official made in Brussels that it is going to punish European companies twice. It should rather go to deterrence.
The United States should not receive the clear political Signal that Europe is so simply raises the American go-it-alone. Therefore, the EU have announced that foreign policy chief, Federica Mogherini, and the three European foreign Ministers, for a financing channel and other Oil and gas exports from Iran. The goal of the USA is the Iran of the money market and to push its energy exports, the main source of foreign exchange, to Zero. The sanctions against Oil and gas companies are to be set in November. The EU now wants to examine whether the Central banks of the member States, can receive other payment transactions with the Iranian state Bank to maintain.
French car maker Renault remains in Iran
The EU continues to focus on Iran
Many private banks, including Deutsche Bank, waving on the issue of Iran. For them, the unhindered access to the American financial market is much more important. Even the Bank of the European Union, the European investment Bank (EIB), is extremely reluctant. Bank President Werner Hoyer had said in July, the EIB could no longer participate in the future of Iran-shops. “We can no longer play a role in international financing.” The EU Commission has called on the EIB today, and legally empowered to do just that.
Affected by the US sanctions, particularly French and Italian companies. The French energy company “Total” will no longer lead to a 5 billion Euro of expensive large-scale project. Italian companies are starting to say already planned investments. The same applies to the German Siemens group. The French car group PSA wants to reduce the size of its business with Iran. Renault wants to stay for the time being. The European aircraft group Airbus has 100 orders of the Iranian air lines. How many of the machines can really be delivered, is unclear, since they are parts from an American production or U.S. include licenses.
“We want to show that we are committed to the Iran-agreements still required,” said a senior EU official. The hope now is that the economically hard under pressure the leadership in Tehran continues to hold to the agreement and on the construction of nuclear weapons omitted.