On Monday 16 July, the EU Council expressed its intention not to object to the amendment of the blocking law – the 1996 regulation that aims to neutralise the extra-territorial effects of US sanctions in the EU.
High Representative of the EU for Foreign Affairs and Security Policy Federica Mogherini hailed "this measure of the Council, which ensures the coherence of the measures the EU is implementing in order to guarantee that the positive effects of the implementation of the agreement on the nuclear programme can continue in Iran". She did not, however, deny the difficulties due to the weight of the US in the global economy and the financial system.
On 6 June, the Commission launched the formal process of activating this law through an update of the list of US sanctions against Iran that relate to its scope of application (see EUROPE 12035). The Council and Parliament had two months from this date to oppose the update of the regulation.
If they do not oppose the update within this period, the regulation can be modified. The two institutions also have the possibility of shortening this time period if they indicate that they do not object. The Council did this on Monday, but the Parliament has not yet done so.
The US sanctions will be reimposed on 6 August and 4 November as regards the sanctions linked to energy. (Original version in French by Camille-Cerise Gessant)