Between a rock and a hard place? The EU expands its blocking regulation
Last week, the European Commission published a draft regulation which will expand the scope of Council Regulation (EC) No 2271/96 (the Blocking Regulation).
This measure, which is intended to protect the Iran-related business interests of European companies, is part of the EU's response to the US decision to re-impose US nuclear-related sanctions against Iran that it had suspended as part of the Joint Comprehensive Plan of Action (JCPOA). When implemented, EU persons may find that they face competing compliance obligations and risks under US Iran-related sanctions and the Blocking Regulation when it comes to engaging in business in Iran.