Overview
Guy Soussan was quoted in an article titled “Europe: Sanctions 'Blocking Statute' Lacks Bite” featured in Energy Intelligence. The November 3 article comments on the likelihood of Europe enforcing a blocking statute if the US Congress decides to reintroduce nuclear-related sanctions on Iran. Mr. Soussan highlights challenges with implementing a blocking stating that “once you get past the hurdle of having to update the blocking statute, which wouldn't be that easy, you're left with the enforcement and the obedience European businesses would give to it." The penalties for breaching the statute are governed by national laws in EU member states, however, as Mr. Soussan clarifies, sanctions for any breach must be "effective, proportionate, and dissuasive." Moreover, the article notes that the statute enables persons or entities within the EU to recover damages caused by the application of US sanctions, and as Mr. Soussan explains, this “could take the form of seizure and sale of assets" held in the EU by those causing the damage.
The full article can be read at Energy Intelligence (subscription required).
