EU firms in Iran caught between US and Europe

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(Worthy News) - European businesses that pull out of Iran because of US sanctions may end up being sued by EU states.

A European Commission spokeswoman on Monday (6 August) told reporters in Brussels that EU firms are banned from following US demands to cut business ties with Iran, unless specifically authorized to do so.

The measure is part of a broader European Commission response, known as the 'blocking statute', that also allows the firms to recover damages arising from US extra-territorial sanctions. [ Source: EU Observer (Read More...) ]

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