On 4 June, an article from Jones Day was concerned with an Advocate General Opinion on a case involving Iran’s Bank Melli and the EU Blocking Statute which prohibits EU operators from complying with certain US sanctions, whereby creating a Catch-22 for EU operators facing directly opposing legal regimes. Important guidance on the precise scope of the EU Blocking Statute is expected from the European Court of Justice’s in the case. The AG proposes a strict interpretation of the EU Blocking Statute, although also calling on the EU legislature to review the current operation of the EU Blocking Statute. The judgment in the case will likely be issued towards the end of 2021.
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