International Regulatory Enforcement (PHIRE)
The EU Commission Aims Its “Blocking Statute” at Renewed U.S. Sanctions Against Iran
May 29, 2018
Bruno Cova, Scott Flicker, Behnam Dayanim & Fabio Cozzi
As one reaction to the U.S. withdrawal from the JCPOA, the EU Commission will reactivate the "Blocking Statute" against the effects of the extra-territorial application of U.S. secondary sanctions. EU companies may be caught in the crossfire that is arising from the EU/U.S. conflicting approaches on Iran.
EU companies and their global counterparties should reassess the risks deriving from business relations with Iran or Iranian nationals.
Business relations with Iran or Iranian entities require a careful check of the risks under U.S. sanctions.
It is advisable to evaluate the impacts and consequences should the Blocking Statute be extended to the renewed or new U.S. sanctions against Iran.
For additional information, please see our client alert.