On May 8, 2018, President Trump announced his decision to terminate US participation in the Joint Comprehensive Plan of Action—the multilateral legal framework for addressing Iran’s nuclear program—and to reimpose US sanctions on Iran despite the concerns of EU leaders. In response, on Friday, May 18, 2018, the European Union announced that it has decided to revive a “Blocking Statute” to protect EU interests from these US sanctions. This Legal Update discusses how the Blocking Statute would be activated, what it would block and compel, whom it would apply to, how it would be enforced and what the practical impact would be for business.
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