EUROPEAN powers are prepared to ignore Donald Trumpâ€™s recent decision to pull the United States out of the Iran nuclear deal and to reimpose sanctions by introducing their own measures.
French finance minister Bruno Le Maire suggests that Mr Trump’s proposals will prove to have negative consequences for EU firms and politicians.
Mr Le Maire said: “We have to work among ourselves in Europe to defend our European economic sovereignty.
Mr Trump said he would reimpose sanctions on Iran as well as any entity that continued to trade with Iran, which threats billions of euros of European business.
The US Treasury is giving companies at least six months to cancel their contracts, which includes purchases of Iranian oil.
Mr Le Maire has put forward counter-proposals including an EU-wide blocking statute that is designed to nullify any US sanctions put on EU firms.
The proposals are similar to an EU regulation that passed in 1996 and permitted European companies to ignore US sanctions as well as companies from being punished by courts by ensuring decisions by foreign governments would not be upheld.