EU Iran Blocking Regulation published & may come into force this August

EU CommissionThe European Commission announced on 18 May 2018 that it would amend its Blocking Regulation to protect EU companies from the extraterritorial effects of US Iran sanctions reimposed after the US withdrew from the JCPOA (previous blog). This week (6 June 2018) the Commission published an amended version of the Blocking Regulation (see Regulation here and Annex here) (Council Regulation (EC) No 2271/96 of 22 November 1996) and the European Investment Bank (EIB) External Lending Mandate.

The explanatory memorandum explains that “some of the measures which the United States will reactivate against Iran have extra-territorial effects and… violate international law and impede the attainment of the Union’s objectives”. The EU will therefore amend the Regulation that previously related to the US’s Cuba and Libya measures to include Iran. The update to the EIB’s External Lending Mandate would make Iran eligible for investment activities by the EIB.

The European Parliament and the Council will now have 2 months for any objections to these measures before they enter into force. If there are none, the updated Blocking regulation will enter into force at the latest at the beginning of August 2018, by the time the first set of re-imposed US sanctions will take effect.

This entry was posted in Iran, Latest EU Measures, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

2 thoughts on “EU Iran Blocking Regulation published & may come into force this August

  1. Dear Maya,

    I cannot compliment you and your co-authors enough on the timeliness and quality of your blog. First class syllabus and research material.

    Kind regards,

    Georges

    Georges Affaki, C.Arb, FCIArb
    Professeur des universités associé
    Partner, Avocat à la Cour

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