EU intensifies efforts to preserve trade ties with Iran

“The efforts to preserve the Iran nuclear deal, the JCPOA, and economic and trade relations with Iran have been intensified in recent weeks, especially those that are related to the setting up of the special purpose vehicle,” Maja Kocijancic was quoted as saying addressing a press conference on Friday.

“One of the key measures from our side was the blocking statute, which was updated in August,” she added.

“This is one of the measures that have been put in place, but it’s the one that’s very relevant for companies because from our point of view, trade with Iran remains legitimate,' she reiterated.

A blocking statute was proposed by the European Union in 1996 to nullify a US trade embargo on Cuba and sanctions related to Iran and Libya which affected countries trading with the US and with the named countries. The 1996 statute was not enacted as the disagreements were settled by other means.

The EU has recently updated the blocking statute to include all US secondary sanctions against Iran.

After Washington's May 8 exit from the historic Iran Deal, the US gave 90- and 180-day wind-down periods to other countries before it starts re-imposing oil sanctions on Tehran on November 4.

Part of the US' illegitimate sanctions were imposed on Iran on August 9.

On November 5, Trump reinstated the US nuclear sanctions on Iran and imposed, as he claimed, “the highest level” of economic bans on the Islamic Republic of Iran.

This is while other signatories of Iran Deal have condemned the US' measure to withdraw from the JCPOA.

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