On 18 May 2018, the European Commission announced a series of measures aimed at protecting the Iran-related business interests of European companies and individuals. The EU measures are in response to the announced US withdrawal from the Joint Comprehensive Plan of Action (JCPOA), commonly referred to as the ‘Iran Deal,’ that is expected to result in the re-imposition of the US secondary sanctions targeting certain Iran-related activities, including those of European companies and individuals, where there is no nexus to the United States. Our client briefing on the US withdrawal from the Iran Deal can be found here.
In its announcement, the European Commission stated that it is committed to mitigating the impact of re-imposed US secondary sanctions by re-activating EU Council Regulation (EC) No. 2271/1996, the so-called ‘EU Blocking Regulation,’ in relation to Iran. The European Commission is also proposing and considering further measures to make it easier for EU businesses to obtain financing for their Iran-related business and to process Iran-related money transfers.
Read our full briefing for information on the EU Blocking Regulation and how it applies to your business.