With thanks to Hereandnow on LSE…
SOFIA, May 17 (Reuters) - The European Commission will launch on Friday the process of activating a law that bans European companies from complying with U.S. sanctions against Iran and does not recognise any court rulings that enforce American penalties.
£As the European Commission we have the duty to protect European companies. We now need to act and this is why we are launching the process of to activate the £blocking statute£ from 1996. We will do that tomorrow morning at 1030,£ European Commission President Jean-Claude Juncker said.
£We also decided to allow the European Investment Bank to facilitate European companies£ investment in Iran. The Commission itself will maintain its cooperation will Iran,£ Juncker told a news conference after a meeting of EU leaders.
As said… never going to be a long term blockage. Coast is clear and tiny window to get in before the surge. Bring it on. Good luck all the faithful.