The European Union said on Monday that it will exhaust all measures to counter US President Donald J. Trump's plan to reimpose two new sanction policies which put pressure on Iran's economic and industrial sectors, particularly its oil exports. The countermeasures also seek to protect European businesses from any apparent impact that the Iran sanction may cause.
As stated in previous reports, Tehran is currently at odds with the White House after the latter's decision to withdraw from the 2015 multinational nuclear deal it signed with Iran and other signatory countries like France, Germany, and the EU itself.
Much like Iran, Brussels expressed disagreement on the move made by the Trump administration to retract from the nuclear weapons accord.
These recent developments put a chokehold on Iran's primary source of national revenue - crude oil, and its exportation.
EU, as well as other parties involved in the 2015 pact, Russia, and China, are among the top advocates for Iran to retain its global trading rights on oil and other commodities.
"We deeply regret the re-imposition of sanctions by the U.S.," a statement from EU was quoted over at Reuters.
The same report from the news agency specifies that Brussels is currently shaping up reforms to mitigate the effect of the renewed US sanctions on Iran, which may include inhibiting US authorities to enforce trade penalties outside of its jurisdiction.
In effect, the said EU law could help protect European companies from the impact of Washington's spat with Iran.
As further explained by this report, this "blocking statute" deters any European companies from complying with sanctions coming from the US. They will only do so if there is an authorization from the Commission.
The law gives power to member-States to impose appropriate penalties on any of its constituent companies who will take heed on Washington's sanction policies. In case of legal actions, the statute also prohibits any US court from taking effect within the EU's area of influence.
"...we are determined to protect European economic operators engaged in legitimate business with Iran," the joint statement from the Commission added.
Trump Reaching Out
As tension between Iran and US further tightens, Trump issued a statement on Monday saying that despite the current sanctions, the White House is still open to engaging in dialogue with Tehran.
"As we continue applying maximum economic pressure on the Iranian regime, I remain open to reaching a more comprehensive deal that addresses the full range of the regime's malign activities, including its ballistic missile program and its support for terrorism," Trump said.
