Extending the European Investment Bank’s External Lending Mandate to Iran

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Series Details June 2018
Publication Date June 2018
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The European Commission adopted two delegated decisions designed to counter the effects of United States (US) extraterritorial sanctions against Iran on 6 June 2018.

One of the decisions updates Regulation (EC) 2271/96, known as the Blocking Regulation, to prohibit EU companies from complying with the US sanctions against companies investing in, or transacting business with, Iran. The second decision (C(2018) 3730 final) – the subject of this 'At a glance' note – brings Iran within the remit of the European Investment Bank's (EIB) External Lending Mandate (ELM), by adding it to the list of countries outside the EU that are eligible for EIB lending.

Both decisions were part of the EU's efforts to protect the Joint Comprehensive Plan of Action (JCPOA) from the repercussions of the unilateral US withdrawal. The JCPOA was agreed between Iran and the E3/EU+3 – France, Germany, the United Kingdom and the EU plus China, Russia and the USA – in 2015, and was designed to ensure the peaceful nature of Iran's nuclear programme.

Source Link http://www.europarl.europa.eu/RegData/etudes/ATAG/2018/623544/EPRS_ATA(2018)623544_EN.pdf
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ESO: Find further information in ESO on the JCPOA http://www.europeansources.info/advSearchLink?keyword=JCPOA%20&searchTerm

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