Friday, February 9, 2018

EU to Impose Blocking Regulations If US Withdraws from Iran Nuclear Deal: Report

Iran Nuclear Deal
The European Union could put in place regulations to protect its firms doing business in Iran if the United States withdraws from the 2015 nuclear deal and restores extraterritorial sanctions, a senior EU official said on Thursday.

European countries have been looking to increase trade with Iran since Paris, Washington and other world powers agreed to lift most economic sanctions in 2016 in exchange for limitations on Tehran’s nuclear program.

But US President Donald Trump on Jan. 12 vowed to restore US sanctions unless France, Britain and Germany change what he calls the “worst deal ever” to his liking, effectively putting it on life support until mid-May.

While European nations have been adamant that they would stick to the deal should Washington pull out, Europe would need to find ways to limit any impact from possible US sanctions to ensure their firms continue to do business with Tehran.

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