EU has announced it will block Donald Trump’s Iran sanctions starting August 7th as foreign policy Chief Federica Mogherin says the block is intended to step up trade and cooperation with Tehran.

Federica Mogherini and foreign ministers from the UK, France, and Germany, insisted that their countries would remain “effective financial channels” with Iran, adding they “deeply regret” that Washington had withdrawn from the Iranian Nuclear Deal.

“This is why the European Union’s updated Blocking Statute will enter into force on 7 August to protect EU companies doing legitimate business with Iran from the impact of US extra-territorial sanctions,” the statement reads.

According to sputnikNews: The statute will forbid European businesses from complying with the US sanctions, nullifying any foreign court rulings against them and allowing them to recover damages from the penalties.The European politicians also confirmed their commitment to the Joint Comprehensive Plan of Action (JCPOA), also known as Iranian Nuclear 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,” the statement added.

Read more at: http://www.neonnettle.com/news/4717-eu-announced-block-on-trump-s-iran-sanctions-starting-august-7

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