The statement by EU diplomatic chief Federica Mogherini and the foreign
ministers of the United Kingdom, France and Germany said it would also work to
keep "effective financial channels" open with Iran.
"We deeply regret the re-imposition of sanctions by the U.S., due to the
latter's withdrawal from the Joint Comprehensive Plan of Action (JCPOA)," the
statement issued in Brussels said.
The EU said it would now swiftly bring in legal cover for firms in the 28-nation
bloc to work with Iran, after the Trump administration rejected European calls
for an exemption.
"We are determined to protect European economic operators engaged in legitimate
business with Iran," the statement added.
"This is why the European Union's updated Blocking Statute enters into force on
7 August to protect EU companies doing legitimate business with Iran from the
impact of U.S. extra-territorial sanctions."
The "blocking statute" forbids EU firms from complying with U.S. sanctions,
allowing them to recover damages from such penalties and nullifying any foreign
court rulings against them.
French carmaker Renault, which does not sell cars in the U.S., has said it will
remain in Iran despite the sanctions. But French oil group Total and carmaker
PSA have already indicated they are likely to pull out of Iran.
Despite the U.S. move to restore the sanctions, which Secretary of State Mike
Pompeo reaffirmed in Alaska late Sunday, the Europeans said they would continue
to work with Iran to preserve the deal.
"The remaining parties to the JCPOA have committed to work on, inter alia, the
preservation and maintenance of effective financial channels with Iran, and the
continuation of Iran's export of oil and gas," it said.
Source: TehranTimes