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American sanctions and European sovereignty. Egmont European Policy Brief No.54

De Ruyt, Jean (2019) American sanctions and European sovereignty. Egmont European Policy Brief No.54. [Policy Paper]

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    The decision by the United States to withdraw from the “Joint Comprehensive Plan of Action” and re-impose sanctions on Iran broke an international understanding, sanctioned by a UN Security Council Resolution. However, European and other non-US companies dealing with Iran must abide by US law in order to avoid its extraterritorial effects on their US operations. Efforts are being made to help the EU keep its “sovereignty” on sanction issues when there is disagreement with the US, but until now these have not accomplished much. Therefore a new Instrument in Support of Trade Exchanges (INSTEX) was launched at the end of January to ensure the continuation of some trade with Iran. But the only convincing way to allow the EU to increase its autonomy is to boost the role of the Euro in international transactions. Certainly, in today’s unpredictable world, we need more than ever to address the issue of the extraterritorial application of American sanctions – today it is Iran, what if tomorrow it is China?

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    Item Type: Policy Paper
    Uncontrolled Keywords: EU institutional affairs, EU strategy and foreign policy, Internal EU policies
    Subjects for non-EU documents: EU policies and themes > External relations > EU-US
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Egmont : Royal Institute for International Affairs > European Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 25 May 2019 15:00
    Number of Pages: 4
    Last Modified: 25 May 2019 15:00

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