London, 16 August - Last week, US sanctions on Iran came back into force, fulfilling a promise that Donald Trump made in May when he pulled the US out of the 2015 Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal.
Trump tweeted: “Anyone doing business with Iran will not be doing business with the United States.”
On the same day, the EU instituted a “blocking statute”, which was supposed to protect any European firms doing business with Iran from current and future US sanctions. In fact, it bars any EU individual or company from complying with US secondary sanctions, which means that European firms who still wish to trade with the US are being penalised. It also allows EU firms affected by the sanctions to sue the US, but there is no method in place to reclaim any settlement.