European companies risk losing access to the US financial system if they refuse to comply with US sanctions against Iran


The second package of US sanctions against Iran, which will affect the oil industry and transactions of the Central Bank of Iran, enters into force on November 5 this year. At the same time, in the European Union, which intends to protect the interests of European companies in Iran, the “blocking status” came into effect on August 7, prohibiting EU companies from observing the action of American sanctions. The status allows European companies to reimburse losses arising from such sanctions from the person calling them, and also annul the influence in the European Union of any foreign judgments based on them. The Financial Times, referring to a source in the US State Department, writes that if European companies refuse to comply with US sanctions against Iran, they will not have access to the US financial system and they will not be able to use the US dollar.

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