Blocking statute
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]
EU blocking statute 2018 update
On 7 August 2018, the EU enacted an updated Blocking Statute to nullify US sanctions on countries trading with Iran, after the US announced sanctions against such countries following its withdrawal from an agreement permitting trade if Iran curtailed its nuclear programme. The process of updating the EU Blocking Statute was commenced by adding to its scope on 6 June 2018 the extraterritorial sanctions the US re-imposed on Iran.[1]
A senior US administration official said they were not "particularly concerned by" the imposition of the blocking statue.[2]
External links
References
- ^ a b "Updated Blocking Statute in support of Iran nuclear deal enters into force". Europa.eu. European Commission Press Release Database. 6 August 2018. Retrieved 7 August 2018.
- ^ Riley-Smith, Ben; Ensor, Josie (6 August 2018). "America dismisses EU 'blocking statute' as Iran sanctions finally bite". The Telegraph. Retrieved 2 September 2018.
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