Let us recall that in response to US sanctions against Iran and against companies cooperating with this country, the EU announced the launch of the formal process to activate its Blocking Statute. This Statute allows EU operators to recover damages arising from US extraterritorial sanctions from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them. According to V.Fitin, such opportunities are more relevant for small and medium-sized businesses from the EU. “Leading companies such as Total or Peugeot will not risk losing business in the US because of Iran,” he added.
“The second wave of sanctions, which targets Iran’s oil exports and energy sector, will take effect on November 4. The sanctions will also affect shipbuilding and financial transactions with the Central Bank of Iran. Sancions should block the trade and economic activities of Iran and, according to the United States, completely reduce Iranian oil exports,” RISS expert said.
He added that only the future will show if Washington will be able to achieve its goals. “Russia, China, India, and ASEAN member states intend to continue their cooperation with Iran. The future will show whether the EU will be able to defend its independence,” the political scientist concluded.