In early May, US President Donald Trump announced that the United States would withdraw from the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal, and restore wide-ranging sanctions on Iran, including secondary sanctions against financial institutions of third countries that do business with Tehran.
Shortly after the announcement, the US Treasury said that the licenses for Boeing and Airbus to sell planes to Iran would be revoked. In May, the United States also imposed sanctions on four Turkish entities for helping the sanctioned Iranian airlines in acquiring equipment and parts.
Against such a negative background, several US and EU companies said that they would or might stop doing business with Iran.
On June 6, the European Commission said it had adopted an update to the Blocking Statute and the European Investment Bank’s (EIB) External Lending Mandate to protect the interests of EU companies investing in Iran.