Friday, May 18, 2018

Europe to shield energy companies working with Iran

Europe to shield energy companies working with Iran
European companies will be protected from U.S. sanctions triggered by President Trump's withdrawal from the JCPOA, the European Commission president said.

Jean-Claude Juncker said Friday there was a unified position in Europe that respecting the U.N.-backed agreement with Iran was essential for peace. The agreement, ratified by the five permanent members of the U.N. Security Council, Germany and Iran, gives Tehran relief from sanctions in exchange for commitments to scale down its nuclear research program.

So long as Iran upholds its end of the bargain, European powers will stay in the deal, Juncker said. U.S. President Donald Trump's decision to renege on the agreement, meanwhile, would reinstate Iranian sanctions. Those sanctions could spill over to European companies willing to do business with Iran.

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