Following President Trump’s decision to withdraw from the Joint Comprehensive Plan of Action and to reinstate US sanctions against Iran, the European Commission published on June 6, 2018 a proposal for a delegated regulation, updating Council Regulation 2271/96, the so-called “Blocking Statute,” to counter the extraterritorial effects of these reinstated sanctions. Commission Delegated Regulation (EU) 2018/1100 has been adopted and entered into force on August 7, 2018, i.e., at the same time the first batch of US sanctions are reinstated.

This Legal Update discusses what the entry into force entails for businesses, how and when authorizations to comply with the reinstated US sanctions against Iran can be obtained and what businesses should do to ensure compliance and notes an extension of the mandate of the European Investment Bank.
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