Monday, 29 November 2021

EU takes step to protect Iran nuclear deal


BRUSSELS: The European Union has updated legislation aimed at countering sanctions imposed by the United States on businesses operating in Iran as part of its pledge to uphold the nuclear deal after Washington pulled out.

The US announced its decision last month to exit the 2015 deal, which aims to prevent Iran from developing nuclear weapons in return for the lifting of sanctions that had stifled its economy.

Wednesday’s development came as the EU and the other parties to the deal vowed to stick to the agreement if Iran continues to implement it.

The European Commission, the executive branch of the EU, revised the so-called blocking statute – legislation that seeks to shield EU companies that continue doing business with Iran, and gives them a framework to recover any damages suffered as a result of US sanctions.

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