On 18th May, the EU published a news release confirming that the Commission intends to act to protect the interests of EU companies investing in Iran as part of the EU’s continued commitment to the Joint Comprehensive Plan of Action. It says that the European Commission has acted on 4 fronts –
- Launched the formal process to activate the blocking statute by updating the list of US sanctions on Iran falling within its scope;
- Launched the formal process to remove obstacles for the European Investment Bank (EIB) to decide under the EU budget guarantee to finance activities outside the EU, in Iran;
- As confidence building measures, the Commission will continue and strengthen the ongoing sectoral co-operation with, and assistance to, Iran; and
- The Commission is encouraging Member States to explore the possibility of one-off bank transfers to the Central Bank of Iran.