In the wake of stricter regulations imposed by USA on Iran, the European Union is looking for options to make sure that their huge business deals with Iran stay intact.
As a part of the international agreement made in 2015, to keep Iran’s nuclear plans in check, the sanctions levied on Iran were removed. In an announcement on May 8, 2018, the president of the United States Donald Trump stated that US would be signing out of the deal and the sanctions will be levied again.
The European Union companies, in 2015, had taken advantage of this removal of sanctions on Iran and had engaged in a huge number of business deals, amounting to billions. In the light of this new announcement by US, a huge number of jobs are facing danger. A large number of these companies are afraid that if they carry on with their business with Iran, they might jeopardize their business relations with the US.
The options available with EU right now to handle this situation includes a 1996 Blocking Statute, which was originally intended to manage the sanctions levied by US on Cuba. It is being pondered upon by the European Union personnel that they are making changes to this statute to get around the constraints laid by US. The judicial strength of the statute is although questionable, as the European companies recommend getting claims removed from US on per case level.
It is important to note here that, European Union was the largest business partner of Iran before 2012, when the punishing constraints were laid on Iran. In 2017, the total Exports of European Union to Iran amounted to €10.8 billion or $12.9 billion. On the other hand, the imports figure from Iran stood at €10.1 billion, which was notably two times the value in the previous year, 2016.
Before turning out to be a full-time writer and editor, James Tidwell was a blogger who wrote his outlooks and viewpoints relating to Entertainment and Sports. Owing to his interest and absolute fineness of playing with world beautifully, he was appointed to dabble in Entertainment and Sports world.