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All tagged blocking regulations
INSTEX alone cannot save the JCPOA, the future of which essentially depends on US-Iranian relations. INSTEX can nevertheless help maintain the nuclear agreement until, or even after, diplomatic solutions are found.
◢ Iran’s decision to scale down its commitments under the 2015 nuclear deal abandoned by President Donald Trump signifies a serious foreign policy failure for the EU and its member states. They have acted too meekly and ineffectively in the face of unilateral U.S. sanctions, and this unnecessary softness may well come back to haunt them as the U.S. use of extraterritorial sanctions expands.
◢ The Iran nuclear agreement marked its third anniversary in a gloomy state. Many hoped that the resolution of the nuclear dispute would result in a new understanding between the West and Iran, opening a pathway for detente rather than confrontation. Relations between Europe and Iran have certainly made gains in this direction, but the Trump administration’s maximalist stance on Tehran has created an extremely hazardous environment for all remaining stakeholders in the nuclear deal.
◢ The forthcoming visits to Washington by French President Emmanuel Macron and German Chancellor Angela Merkel come at a time of great importance for the Iran nuclear deal, regional security, and transatlantic relations. European policymakers are considering credible ways to signal that the EU is willing to take action if confronted with U.S. withdrawal from the deal, but a significant resolve will be needed.
◢ In the last week, European business leaders and policymakers have grown more vocal about the possibility that the European Union would employ blocking regulations to protect European businesses from the reach of US secondary sanctions on Iran.
◢ Despite limits to their legal effectiveness, blocking regulations can serve as part of the suite of political, legal, and commercial measures employed by European governments to protect their businesses in Iran.
