News ID: 216823
Published: 0214 GMT June 17, 2018

Official: Iran should attract small, medium-sized European firms

Official: Iran should attract small, medium-sized European firms

Iran should encourage small and medium-sized European companies to invest in the mining sector in a bid to counter the impacts of US sanctions, said the head of Iran Mine House.

Mohammadreza Bahraman told IRNA that in the wake of Washington's withdrawal from the JCPOA, Iran should seek fresh cooperation with small and medium-sized European industries.

"Linking Iranian and European small and medium-sized companies of Iran and Europe can have desirable effects," he said.

He added that these European companies can play a decisive role in producing wealth and generating jobs in Iran.

Bahraman said each small mine can provide employment for 60 people and by improving the efficiency at least 80 other jobs can be generated.

In May, President Donald Trump unilaterally pulled Washington out of the 2015 nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) and has threatened to impose sanctions on European companies that do business in Iran.

US sanctions not only block American firms from doing business in Iran but also bar foreign firms that do business there from accessing the entire US banking and financial system.

Besides, the US has announced fresh sanctions on Iran which will come into force in the coming months.

In response to US sanctions, the European Commission adopted an update of a law that would order EU firms not to comply with Washington's punitive measures on Iran.

The European regulation, called the 'blocking statute', was originally created in 1996 to defend European businesses from US penalties for dealing with Cuba. The system, which was never actually used, permitted European companies to ignore US sanctions and said that any decisions by foreign courts based on the sanctions would not be upheld in Europe.

This comes as European leaders are trying to convince the US to exempt European companies in Iran from sanctions.

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