The EU has taken the present scenario under serious consideration and has decided to grant the European countries the permission to continue with the business with Iran. This decision was taken in spite of the US sanctions.
The EU will be redesigning the legislation of blocking statute, 1996 to apply the change to the Iran sanctions.
This legislation will allow the affected European companies to avail compensation and the other companies to comply with the penalties.
The president of the EU stated that the aim behind redesigning the statute is to safeguard the European small and mid-sized companies.
President of the US, Trump had ended the nuclear deal with Iran and had declared to create immense pressure on the country. The agreement was signed by 6 other countries, which also include Iran to eradicate the nuclear activities in Iran in exchange for lifting EU, UN & US sanctions.
After the move, any individual or company is barred from creating an association with them.
On the other hand, the companies of Europe are also worried regarding their association with Iran, which may sabotage their terms with the US.
On the other hand, the position of the US is on the odd side as the UK, Germany, and France continued with their agreement and maintaining their trading with Iran.
The Services & Goods transported to Iran in 2017, from EU amounted to €10.8 billion that is $12.9 billion and £9.5 billion while the imports to the bloc from Iran were £9.5 billion. The sanction has not only put so much of money into risk but has also created a risk of losing numerous jobs. The deals that are at the risk are a $3 billion deal by a Norwegian firm to design solar power plants and selling 100 jets as per an Airbus deal to Iran Air, and others.