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EU works to protect firms that invest in Iran from sanction consequences

Neil Hodge | August 17, 2018

The European Union has taken steps to protect EU companies from any legal and financial repercussions from investing in Iran as a result of President Trump’s latest sanctions.

On 7 August the European Union put in place a “blocking statute” with immediate effect to nullify any potential U.S. legal action against European firms in connection with their investments in Iran after the United States re-imposed key sanctions on the Middle-Eastern country on the same day.

The latest sanctions will prevent the Iranian government from buying U.S. dollars, gold, software used in industrial processes, and from trading metals and minerals. A further set of sanctions blocking petroleum exports, shipping, and financial institutions from conducting transactions with the Central Bank of Iran will take effect in November.

To date, ...

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