EU TO Defend Firms Against US Iran Sanctions - Macron

Remigio Civitarese
Mag 18, 2018

Hu Weijia - EU Foreign Policy Chief Federica Mogherini is scheduled to meet with the foreign ministers of Britain, France and Germany on Tuesday to discuss the Iran nuclear deal.

Since US President Donald Trump has pulled his country out of the Iran nuclear deal, will China join hands with European countries to reject Trump's renewed effort to isolate Iran?

On Friday, the European Commission is slated to kick off the process of activating a law that bans European companies from complying with USA sanctions against Iran. The US Treasury Department said it would give European businesses six months to wind up their investments in the country or risk US sanctions - forbidding them from signing new contracts.

Leaders of European states will maintain the nuclear deal with Iran and protect their corporations against potential USA sanctions for doing business in the Islamic Republic, according to French President Emmanuel Macron.

Europe's mood is shifting from shock at US President Donald Trump's "America First" agenda to a resolve to close ranks and assert its own position.

The Commission will now seek to negotiate a permanent exemption from U.S. tariffs.

If it succeeds in that, an European Union source told AFP, the European Union was ready to take steps including "voluntary regulatory cooperation" with the U.S., and working on reform of the World Trade Organisation, after Trump claimed the United States was unfairly treated.

EU discussions on how to keep the deal - and economic relations with Iran - alive, have focused on: keeping Iran's oil and gas industry viable; the creation of special goal vehicles to allow for transactions between the regions; developing more contracts between European companies and their Iranian counterparts; and how to protect European firms that continue to work with Iran.

With Trump's decision to rip up the deal, the USA has turned itself into a destroyer of the global order.

"Which company is going to risk access to the USA market, which is 100 times larger", Ardavan Amir-Alsani, a Paris-based lawyer who specialises in Iran, said in an interview. The US dollar's overwhelming position of dominance in the global financial system is one prominent example.

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