The Commission also proposes to allow the European Investment Bank (EIB) to facilitate investment by European companies in Iran.
In Berlin, the president of the German Industry Federation (BDI), Dieter Kempf, expressed concern on Friday about the impact that these European protection measures could have on German companies in the United States.
The 2015 Iran nuclear deal was a pact negotiated by Iran, China, Russia, Germany, France, and Britain, as well as the European Union and the USA, that authorized the lifting of economic sanctions against Tehran in exchange for the dismantling of its nuclear program and compliance with worldwide atomic regulations.
Europe's hardline position will infuriate Trump, as Brussels effectively nullifying USA sanctions will prompt a violent outburst from Trump, who needs Europe on his side for U.S. sanctions of Iran to have any chance of succeeding.
Their anti-Trump mood was reflected in a speech on Wednesday by Donald Tusk, president of the European Council, who denounced what he called the "capricious assertiveness of the American administration". The 2015 nuclear agreement is a crucial element of peace and security in the region.
The EU needs to safeguard Iran's economic benefits as well as its own, in order to keep Tehran in the 2015 worldwide nuclear deal and prevent its collapse.
Milestone for oil prices as Wall St ends a choppy day
Gasoline inventories were down by 3.8 million barrels last week, after a total 2-million-barrel build in the prior 14 days. The two ministers, in a joint statement, blamed volatility in prices on global political tensions.
"We're not going to force French businesses to stay in Iran".
"International companies with interests in many countries make their own choices according to their own interests".
It remains to be seen exactly how the European Union will activate the Blocking Regulation.
"In Sofia, we saw a show of European unity".
U.S. sanctions must be reinstated within 90 to 180 days.
But the most accurate observations by Macron was that Trump's Iran decision strengthens both Russian Federation and China in the region, something we pointed out weeks ago, begging the question whose interests is Trump representing.
But companies around the world which invested in Iran after sanctions were lifted are now faced with a hard choice as Washington has threatened to punish firms that violate USA sanctions by dealing with Tehran. Stories like this are made possible by readers like you.