Tuesday, January 26, 2021

Are EU-US Relations Headed for a Turmoil Due To Iran Sanctions?

Amid the levelling of US sanctions on Iran, the US-EU Relations seem to be in trouble as the major EU nations have come out in open defiance to Washington unilateralism. The European Union has told companies to brush off the demands of the US to stop business with Tehran. The EU has catapulted attempts to save European Companies from the sanctions imposed on Iran by the US.

US Sanctions On Iran Come To Effect Today

The EU is determined to save European businesses which gain big from relations with Iran. The sanctions on Iran will come to effect from today and these sanctions form a part of the US’ strategy to isolate Iran economically.

Post the imposition of these sanctions Iran will be barred from using US dollars which are used for most of the international transactions. Even for transactions based on oil, the US dollars are used and now Iran’s oil sales may be hit hard. Iran will also be interdicted from trading in metals and cars manufactured in Iran. Permits allowing the trade of Iranian carpets and food will also be abrogated.

European Companies Will Be Able To Sue The US

European companies have been asked to not buckle under pressure exerted by the US to dismiss all the businesses with Iran. The EU has opposed the sanctions imposed on Iran. The EU has initiated a mechanism under which the European companies affected by these sanctions can sue the US administration.

These sanctions come after the US pulled out of the Iran Nuclear Deal in May this year. The US withdrew unilaterally from the Joint Comprehensive Plan of Action attracting global criticism. The 2015 Iran Nuclear Deal was signed between Iran and P5+1 nations under the supervision of the then US President, Barack Obama. Donald Trump has asked all nations to halt their oil imports from Iran or they will be facing the same sanctions as Iran.

More News at EurAsian Times

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