CLIENT ALERT JUNE 2018: THE EUROPEAN COMMISSION PLAYS THE BLOCKING REGULATION CARD TO COUNTER U.S. SANCTIONS AGAINST IRAN

The EU issued yesterday a draft of the Commission delegated Regulation of June 6th 2018 to amend the Annex to Council Regulation (EC) No 2271/96 of 22nd November 1996. The new draft provides a list of U.S. laws which the EU consider illegitimate to the extent of their extraterritorial jurisdiction on European companies.  This is a pivotal EU initiative in response to Donald Trump’s announcement of the U.S. withdrawal from the Joint Comprehensive Plan of Action (“JCPOA”) on May the 8th, 2018.

Download the pdf document prepared by Studio Legale Padovan’s Export Control Team.