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The EU is ready to protect European firms from US sanctions against Iran.

The European Union announced on Monday that new measures are ready to take effect in order to protect European firms from the effects of US sanctions on Iran.

Measures aim to save an agreement on suppressing Iran’s nuclear ambitions after the American abandonment of the Pact. The EU argues that the agreement is important for global security and is trying to keep open economic and financial ties with Tehran.

The EU’s executive body, the European Commission, said the so-called “blocking statute” would take effect at midnight in time on the US eastern coast (at five o’clock in the morning of Central European time).

Mechaism prevents European firms from complying with US sanctions if they do not have the approval of the Commission.

It also blocks the consequences of US judicial actions in Europe and allows European companies to recover damages caused by sanctions from anyone who introduces them, the Associated Press reported.

 

Blocking Statute

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