September 30, 2018 | Lodhi’s Speech at UN
September 29, 2018 | China rebuts US allegations
| Russian missiles challenge
September 28, 2018 | Iran defies America
| Britain and the EU
The EU is considering Iran central bank transfers to beat US sanctions on Iran.
The European Commission will consider EU governments make direct money transfers to Iran’s central bank to avoid US sanctions penalties.
This would enable European companies to repay Iran for oil exports and repatriate Iranian funds in Europe.
The European Union is determined to save the nuclear accord that the US President Donald Trump shelved early this month. By so doing it will keep money moving to Iran provided the country keeps to the 2015 deal that prevents the Islamic Republic from developing atomic weapons.
“We now need to work out how we can facilitate oil payments and repatriate Iranian funds in the European Union to Iran’s central bank,” said the Commission’s head Jean-Claude Juncker.
At the same time, the EU’s Iran sanctions-blocking law could harm German firms in the US and, France worries about prospects for other European firms. Poland’s PGNiG, on the other hand, suspended gas projects in Iran and stood in support of the US sanctions.
European Energy Commissioner Miguel Arias Canete discussed various options with Iranian officials on how to handle the sanctions, which clearly indicates the EU is not too happy with Trump mission to isolate Iran.
Meanwhile, EU leaders met in Sofia to uphold Europe’s side of the bargain, which offers sanctions relief in return for Iran allowing IAEA and other inspectors to continue monitoring enriched uranium.
Showing faith in Iran sticking to its promises, the EU Commission stated it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope”.
The EU’s blocking statute bans EU companies from complying with US sanctions and does not recognize any court rulings that enforce American penalties.
The top EU official said the EU sanctions-blocking bill would come into force, a day before US sanctions take effect, unless the European Parliament and EU governments formally reject the move.
EU investment in Iran, mainly from Germany, France and Italy, has risen by more than 20 billion Euros since the 2016 lifting of the US earlier embargo.