May 17, 2018 / 1:50 PM / 5 days ago

EU to start Iran sanctions blocking law process on Friday

SOFIA, May 17 (Reuters) - The European Commission will launch on Friday the process of activating a law that bans European companies from complying with U.S. sanctions against Iran and does not recognise any court rulings that enforce American penalties.

“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 of to activate the ‘blocking statute’ from 1996. We will do that tomorrow morning at 1030,” European Commission President Jean-Claude Juncker said.

“We also decided to allow the European Investment Bank to facilitate European companies’ investment in Iran. The Commission itself will maintain its cooperation will Iran,” Juncker told a news conference after a meeting of EU leaders.

Reporting By Gabriela Baczynska, writing by Jan Strupczewski Editing by Alastair Macdonald

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