EU ready to protect European firms from US sanctions on Iran
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The European Union on Monday said that new measures are ready to take effect to protect European businesses from the impact of US sanctions on Iran.
The measures also aim to save the agreement meant to curb Iran's nuclear ambitions after the US abandoned the pact. The EU insists the deal is important for global security and is trying to keep economic and financial supply lines to Tehran open.
The mechanism stops European companies from complying with the US sanctions unless they have authorization from the Commission. National governments could impose "effective, proportionate and dissuasive penalties" on any of their companies that cave in.
