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US bans on Iran incurring loss to EU companies: Italian media

Rome, US sanctions against Iran sustains losses to European enterprises, the Italian magazine Il Primato Naazionale wrote recently.

Europe has been banned from buying Iranian oil and this is a huge economic damage, said the magazine.

It said that the European enterprises active in oil, especially French ones, and the automotive industry in the continent, have significant interests in Iran and the sanctions remove Europe out of the game.

US President Trump announced on May 8 the withdrawal from the Joint Comprehensive Plan of Action (JCPOA), known as Iran nuclear deal, what was followed by other parties' condemnation as well as emphasis to stay in the agreement.

Brussels, in response, updated EU's Blocking Statute, which prohibits EU companies' compliance with US foreign sanctions, to let them continue to work with Iran.

Source: Islamic Republic News Agency IRNA

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