|Author (Person)||Geranmayeh, Ellie|
|Publisher||European Council on Foreign Relations (ECFR)|
|Publication Date||September 2018|
|Content Type||Journal | Series | Blog, News|
ECFR presented a mini-series on the likely impact of US sanctions on economic ties between Europe and Iran in September-November 2018.
In the series ECFR assessed the likely impact of US sanctions on economic ties between Europe and Iran, covering strategically important areas such as trade in essential goods, energy, and banking. The series examined how European governments could minimise the fallout of their attempts to maintain Iranian compliance with the nuclear deal.
The series comprised the following titles:
Part 1: Trump’s Iran sanctions: an explainer on their impact for Europe
The President of the United States announced on 8 May 2018 the withdrawal from the Joint Comprehensive Plan of Action (JCPoA), a deal agreed with Iran to curb its nuclear weapons programme. The move caused international outcry, not the least among stakeholders across Europe and the European Union.
The leaders of Germany, the United Kingdom and France issued a joint statement in response, stating they would continue to stick by the agreement despite the US withdrawal.
The European Commission vowed to work on plans to protect 'the interests of the European companies' operating in Iran. The EU's High Representative for Foreign Policy highlighted that the nuclear deal 'is not a bilateral agreement and it is not in the hands of any single country to terminate it unilaterally.'
The decision was likely to impact European companies, as they were given six months to cease all activities with Iran or face sanctions from the United States. On 16 May 2018, French energy company Total announced it would conclude its operation in Iran unless it was given exemption from those sanctions. On that same day, the European Commission discussed measures to preserve the Agreement and protect European interests.
In June 2018 the European Commission adopted a set of actions to deliver on those concerns.
|Countries / Regions||Europe, Middle East, United States|