7 September 2018|In Legal Update, News

EU: Updated Blocking Statute

The Updated Blocking Statute in support of Iran nuclear deal entered into force on August 7, 2018. The Blocking Statute pursues the goal of mitigating the impact of the first batch of re-imposed US sanctions on Iran on the interests of EU companies doing legitimate business in Iran.

The process of updating the Blocking Statute was launched by the Commission on June 6, 2018, when it added to its scope the extraterritorial sanctions the US is re-imposing on Iran. A two-month scrutiny period for the European Parliament and the Council followed. Since neither objected, the Commission Delegated Regulation (EU) 2018/1100 of 6 June 2018 was published in the Official Journal and entered into force on August 7, 2018.
 
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