EU prepares measures to protect from U.S. sanctions on Iran

The European Union is prepared to institute a so-called blocking statute to protect European companies if the Trump administration re-imposes sanctions following the U.S.’s withdrawal from the Iran nuclear deal, EU Home Affairs Commissioner Dimitris Avramopoulos said.

The European Commission discussed possible ways to preserve the 2015 nuclear accord and EU leaders will continue the discussion at a dinner in Bulgaria, Avramopoulos said. The 28-nation bloc is scrambling to contain the fallout from President Donald Trump’s decision to pull out of the landmark agreement.

The EU commissioner said that the commission discussed concrete, practical solutions to make sure the European Union can continue to live up to its commitments under the deal and protect our economic operations. "We did discuss the possibility of applying our blocking statute. We are ready to do so if needed," Bloomberg cited  Avramopoulos as saying.

EU foreign policy chief Federica Mogherini and the foreign ministers of Germany, Britain and France met with Iranian Foreign Minister Mohammad Javad Zarif yesterday in Brussels. After the meeting, Mogherini said that technical experts were commissioned to identify ways to maintain oil shipments, avert transport disruptions, keep open banking channels and protect European companies doing business with Iran.