(photo credit: JPOST STAFF)
BRUSSELS - The European Commission said on Friday it had started the process of renewing a sanctions-blocking measure to protect European business in Iran, after the United States reimposed sanctions on Tehran.
The Commission said in a statement it had "launched the formal process to activate the Blocking Statute by updating the list of US sanctions on Iran falling within its scope," referring to an original EU regulation from 1996.
The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support.
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