President Macron, Theresa May and Angela Merkel met in Sofia, where they affirmed their commitment to the Iran nuclear deal despite the US pulling out LUDOVIC MARIN/GETTY IMAGESThe European Union will begin work today on legislation to block US sanctions on companies doing business with Iran. The decision came after member states agreed unanimously to stick to the Iran nuclear deal after President Trump’s withdrawal. The European Commission will start reactivating a so-called blocking statute against extra-territorial sanctions after members states gave it the “green light to be ready to act whenever European interests are affected”. The statute, never tested in a court, was written in 1996 to block US sanctions from applying to European companies. The move puts Europe on an economic collision course with the US as it seeks to protect companies, institutions and trade with Iran from the sanctions that will come into effect in August.

Source: The Times May 17, 2018 22:52 UTC