European countries have been looking to increase trade with Iran since Paris, Washington and other world powers agreed to lift most economic sanctions in 2016 in exchange for limitations on Tehran’s nuclear program.
But U.S. President Donald Trump on Jan. 12 vowed to restore U.S. sanctions unless France, Britain
While European nations have been adamant that they would stick to the deal should Washington pull out, Europe would need to find ways to limit any impact from possible U.S. sanctions to ensure their firms continue to do business with Tehran.
Denis
"We are looking at a number of possibilities. It is not complicated to do it legally in that the legal instrument exists, but it doesn’t require a huge internal debate,”
The regulations were agreed in 1996 as a countermeasure to the U.S. extraterritorial economic sanctions against Cuba, which EU governments argued benefited U.S. foreign policy interests at the expense of European sovereignty.
"It could be revived or put back, but only if it is clear that the U.S. is putting back sanctions with extraterritorial sanctions and that they are being applied. It can’t be done protectively,” he said.
The so-called extra-territoriality of U.S. sanctions law, which
Fears of such fines have been one reason preventing major international lenders and firms from returning.
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