Iran nuclear deal: European Union looks to avoid impact of USA sanctions

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As long as the Iranians respect their commitments, the EU will of course stick to the agreement of which it was an architect - an agreement that was unanimously ratified by the United Nations Security Council and which is essential for preserving peace in the region and the world,"said the President of the European Commission, Jean-Claude Juncker".

The E.U. will on Friday begin moves to block the effect of USA sanctions on Iran in the bloc, European Commission chief Jean-Claude Juncker said, as part of efforts to preserve the nuclear deal with Tehran. Unless it is formally rejected by the European Parliament and EU governments, the measure will come into force within two months, and can be activated sooner if there is strong political support.

The EU is to begin reviving legislation that will allow European companies to continue doing business with Iran, despite U.S. sanctions.

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It remains to be seen exactly how the European Union will activate the Blocking Regulation.

"As the European Commission we have the duty to protect European companies".

The US position is at odds with that of France, Germany and the United Kingdom, which say they are committed to the agreement and to expanding trade with Iran.

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Following our discussion of Europe's angry response to Trump's unilateral Iran sanctions, in which European Union budget commissioner, Guenther Oettinger made it clear that Europe will not be viewed as a vassal state of the U.S., stating that "Trump despises weaklings". The first step was to activate the "blocking statute" that "forbids European Union companies from complying with the extraterritorial effects of USA sanctions, allows companies to recover damages arising from such sanctions from the person causing them, and nullifies the effect in the European Union of any foreign court judgements based on them", the document says.

The 2015 nuclear deal opened Iran to global investments after four decades of sanctions.

The step comes after Iran's Foreign Minister Mohammad Javad Zarif traveled to Brussels and met with his British, French and German counterparts to discuss the future of the nuclear deal without the US.

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