As discussed in our previous blog post, the European Commission has begun the process of integrating US sanctions measures against Iran into the Blocking Regulation (Regulation 2271/96) in response to the US President’s withdrawal of his waiver relating to the JCPOA.
On 6 June 2018, the Commission announced that it had formally adopted an update of the Blocking Statute, adding to its scope the extraterritorial sanctions to be re-imposed by the US on Iran. The European Parliament and Council now have a period of two months to object to these measures before they enter into force. If no objection is raised, the updated acts will be published and will enter into force at the latest at the beginning of August, by the time the first batch of re-imposed US sanctions will take effect.
The full text of the Commission press release can be found here.
If you have questions, please contact Ross L. Denton.