Sputnik - In spite of US threats, the EU is all set to protect its economic interests in Iran and has started implementing a 1996 law that would prohibit European companies from complying with any sanctions the US would reintroduce against Tehran.




�Europe should be grateful to�President Trump, because thanks to�him we have got rid of�old illusions,� European Council President Donald Tusk said at�the start of�an EU-Western Balkans summit in�Sofia on�Thursday.

Later in�the day, European Commission President Jean-Claude Juncker said that �As the European Commission we have the duty to�protect European companies. We now need to�act and this is why we are launching the process to�activate the �blocking statute� from�1996.�

When meeting with�a group of�top executives of�companies working in�Iran, French Finance Minister Bruno Le Maire proposed �three answers� to�the�US withdrawal�from�the 2015 nuclear deal with�Tehran, and said he hoped that the European Commission would make �concrete decisions.�

Le Maire suggested that the EU start implementing the �blocking statute,� withdraw from�the US-controlled SWIFT and set up, with�the European Investment Bank, �an independent financial instrument to�allow our companies to�freely work where Europe deems fit.�

And, lastly, to�set up�a mechanism to�better control, single out�and block risky investments.

In an interview with�Sputnik France, Emmanuel Dupuy, the director of�the Institute for�European Perspective and Security (IPSE) said that the latter measure was aimed at�making it possible for�Europeans to�use pressure against�US companies.
�The mechanism created by�the European Commission with�regard to�Russia could also be used when dealing with�other countries. As you can see, France is trying to�stick to�its position and create its own instruments,� Dupuy said.


He added that Paris is also trying to�face up�to the US Committee on�Foreign Investment in�the United States (CFIUS) and the Office of�Foreign Assets Control (OFAC), which oversee the implementation of�various embargoes unilaterally imposed by�Washington.

The US Treasury Department has given European businesses with�activities in�Iran 90-day or 180-day wind-down periods to�dismantle their operations or face big fines and be banned from�working in�the US market or using the dollar.

Emmanuel Dupuy said that US economic interests in�Iran are dwarfed by�what Europeans have in�the Islamic Republic.� For all the talk about�Boeing�s big-time contracts with�Tehran, the trade turnover between�the two countries is 100 times smaller compared with�that between�Iran and the EU, which last year stood at�an impressive $21 billion.

While Iran�s trade relations with�the EU have been looking up�since the sanctions were lifted in�2016, its trade volumes with�the US have even been going down.
�The American companies gained nothing from�the nuclear deal with�Iran,� Emmanuel Dupuy said, putting the volume of�US-Iranian trade at�a very modest $230 million.


On May 8, President Donald Trump announced his decision to�withdraw the United States from�the Iran nuclear deal, also known as�the Joint Comprehensive Plan of�Action (JCPOA).

He also promised to�reinstate the sanctions against�Iran that were lifted as�a result of�the agreement, signed by�Tehran and the five permanent members of�the UN Security Council � the US, France, Britain, Russia and China � plus Germany on�July 14, 2015 and which imposes strict restrictions on�Iran's nuclear program in�in exchange for�the loosening of�economic sanctions.