Vienna, IRNA – The European Commission is going to propose amendment to the Blocking Statute after the decision made by the EU top court in favor of the US sanctions, a source said on Tuesday.
“The Commission takes note of the interpretation of the Blocking Statute provided by the Court of Justice, which is generally in line with the Commission’s written submissions in this case, and which the Commission is carefully analyzing,” a source with the European Commission told IRNA correspondent.
“As announced in its Communication of January 2021 and in its Working Programme for 2022,” the source added, “the Commission will propose by Q2 2022 a legislative amendment to the Blocking Statute.”
The source also said that the amendment was meant “to further deter and counteract the unlawful extra-territorial application of sanctions to EU operators by countries outside the EU and streamline the application of the current EU rules.”
“The Commission has consulted stakeholders in order to prepare this amendment,” the source concluded.
Court of Justice of the European Union issued an interpretation of the Blocking Statute last week, stating that cancelling contracts because of US sanctions does not constitute a violation of Blocking Statute.
Source: Islamic Republic News Agency – IRNA
