Blocking statute - Wikipedia

submited by
Style Pass
2024-02-11 10:00:09

A blocking statute is a law of one jurisdiction intended to hinder application there of a law made by a foreign jurisdiction. A blocking statute was proposed by the European Union in 1996 to nullify a US trade embargo on Cuba and sanctions related to Iran and Libya which affected countries trading with the US and with the named countries. The 1996 statute was not enacted as the disagreements were settled by other means.

A blocking statute shields companies in its jurisdiction against sanctions by prohibiting them from respecting the sanctions, and not recognising foreign court rulings enforcing them.[1]

A EU blocking statute was originally enacted in 1996 to "counteract" the sanctions imposed by the United States against Cuba, Iran and Libya.[2]

After the US reimposed sanctions against Iran following its withdrawal from an agreement which permitted trade if Iran curtailed its nuclear programme, on 17 May 2018 the European Commission announced its intention to implement the blocking statute of 1996 to declare the US sanctions against Iran null and void in Europe and ban European citizens and companies from complying with them. The commission also instructed the European Investment Bank to facilitate European companies' investment in Iran.[3][4][5]

Leave a Comment