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The Twenty-Eight have adopted a legal instrument to protect European companies present in this country against US sanctions.
No offense to Donald Trump, the Europeans rejected, Monday, July 16, the request of the States To economically isolate Iran. The Twenty-Eight have adopted a legal instrument to protect European companies in this country against US sanctions, announced the head of European diplomacy Federica Mogherini
"We approved the update of the blocking status and we take all measures to allow Iran to benefit from the economic benefits of the lifting of the sanctions " explained M me Mogherini after a meeting with the foreign ministers of EU Member States.
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The European blocking law will come into effect on August 6, the date of the first installment of US sanctions. The second installment will come into effect on November 4, during the mid-term elections in the United States.
This regulation, established in 1996, is intended to counteract the fact that US sanctions apply to all businesses and individuals in the world, by virtue of the principle of the extraterritoriality of American law. Many large European companies like the oil group Total have decided to withdraw from Iran if they are not exempt from US sanctions.
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Washington refused to dispense European companies after denouncing the nuclear deal with Iran.
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"The exercise is difficult"
Federica Mogherini acknowledged that "the exercise is difficult" because the weight of the United States in the world economy "is not insignificant. " And to warn:
"I can not say if our efforts will be enough, but we are doing everything we can to prevent the nuclear deal with Iran from dying, because the consequences would be catastrophic for all.
The head of French diplomacy, Jean-Yves le Drian, insisted for his part on "the need to allow Iran to continue selling its oil" :
" The EU and other signatories of the agreement with Tehran in 2015, China and Russia, are seeking a financial mechanism to guarantee Iran's ability to export its oil.
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The energy sector has provided 50 billion dollars (42 billion euros) in revenue to the Iranian state in 2017, according to European data. Resources come mainly from oil, as gas exports are very low – 10 billion cubic meters in 2017.
Iran exports 3.8 million barrels of oil a day; 20% are bought by the EU and 70% by China and other Asian countries, according to EU figures. The services of the European Commissioner for Energy, Miguel Arias Cañete, are working on this mechanism and "proposals are expected" was the diplomatic source said.
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The euro and not the dollar should be the currency used for Iranian oil transactions, settled via transfers between European central banks and the Iranian central bank. Insurance will also be taken out in European importing states for cargoes, as is done in Greece, France and Italy.
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