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That is why the EU has included the restrictive measures in its `blocking statute' which will enter into force at 6 am on Tuesday (7 August). This mechanism bans Europeans - both companies and residents- from complying with US sanctions.
archived LQD: US Federal Law Eats World, taunts "EU-3" dominion. Diversity is the key to economic and political evolution.
The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!— Donald J. Trump (@realDonaldTrump) August 7, 2018
The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!
#IranDeal "We updated our Blocking Statute [..] this legislation protects European businesses from the effects of the US sanctions" @FedericaMog https://t.co/x8TpA9r3bu pic.twitter.com/bGCi4YHuK7— European External Action Service - EEAS 🇪🇺 (@eu_eeas) August 7, 2018
#IranDeal "We updated our Blocking Statute [..] this legislation protects European businesses from the effects of the US sanctions" @FedericaMog https://t.co/x8TpA9r3bu pic.twitter.com/bGCi4YHuK7
The process of updating the Blocking Statute was launched by the Commission on 6 June 2018, when it added to its scope the extra-territorial sanctions the US is re-imposing on Iran. A two-month scrutiny period for the European Parliament and the Council followed. Since neither objected [BY WHOM?], the update was published and entered into force on 7 August 2018. The Blocking Statute allows EU operators to recover damages arising from the extra-territorial sanctions within its scope from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them. It also forbids EU persons from complying with those sanctions, unless exceptionally authorised to do so by the Commission in case non-compliance seriously damages their interests or the interests of the Union. To help EU operators with the implementation of the updated Blocking Statute the Commission published a Guidance Note to facilitate understanding of the relevant legal acts.
The Blocking Statute allows EU operators to recover damages arising from the extra-territorial sanctions within its scope from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them. It also forbids EU persons from complying with those sanctions, unless exceptionally authorised to do so by the Commission in case non-compliance seriously damages their interests or the interests of the Union.
To help EU operators with the implementation of the updated Blocking Statute the Commission published a Guidance Note to facilitate understanding of the relevant legal acts.
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