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EU talks on efforts for sustaining co-op with Iran under sanctions

Business Materials 13 November 2018 19:35

Baku, Azerbaijan, Nov. 13

By Zeynalova Leman – Trend:

The European Union (EU) is working to minimize the effects of US sanctions on companies working in Iran, an EU spokesperson told Trend.

“The EU deeply regrets the full re-imposition of sanctions by the United States, due to the latter’s withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the Iran nuclear deal. The Iran nuclear deal, which was unanimously endorsed by the UN Security Council, is a key element of the global nuclear non-proliferation architecture and crucial for the security of the region, for Europe and beyond. It is working and delivering on its goal, preventing Iran from developing nuclear weapons. The International Atomic Energy Agency (IAEA) has confirmed in 13 consecutive reports that Iran is abiding by its commitments under the Agreement,” said the spokesperson.

The EU said it remains committed to implementing the JCPOA as a matter of respecting international agreements and of our shared international security, and expects Iran to play a constructive role in this regard and to continue implementing all its nuclear commitments in full.

“To preserve the agreement, the EU has been and is putting in place concrete solutions to a number of issues stemming from the US withdrawal. Part of our ongoing work is to make sure that the effects of the sanctions are minimized for the companies that want to continue to do legitimate business with and in Iran and that they can still have access to the necessary finance,” said the spokesperson.

The EU said it updated its Blocking Statute in early August, before the first batch of US sanctions was re-imposed.

“In close coordination with the Member States and other partners, the EU is also working on other concrete measures aimed at sustaining the cooperation with Iran in key economic sectors, particularly on banking and finance, trade and investment, oil, and transport. This includes the ongoing work of our Member States to set up the Special Purpose Vehicle (SPV),” said the spokesperson.

“Also, on 23 August, the European Commission adopted a €18 million support package for Iran, with a focus on economic and social development and the private sector.”

In May, Trump announced that the United States would withdraw from the Iran nuclear agreement and re-impose sanctions against Tehran that had been lifted under the accord.

The first round of the US restrictions entered into force in August, and a second round came into effect on Nov.5.

The sanctions are designed to target Iranian oil exports and the country's financial sector and are aimed at dissuading third countries from doing business with Iran.

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