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#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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