Overview
The UK and EU have blocking statutes which aim to protect legitimate trade with Iran, Libya, and Cuba affected by the extraterritorial application of US law. These sanctions are relatively unique in that they are not imposed against the USA, per se, but rather to protect UK and EU individuals and businesses from the extra-territorial effect of US laws regarding carrying out business in Iran, Libya and Cuba. The measures began in 1996 and empowered Member States to take measures to protect the interests of the relevant individuals and businesses.
Current EU Sanctions
- Legislation
Council Regulation (EC) No 2271/96 (EU blocking statute)
- Judgments
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T-8/21 IFIC Holding AG
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Current UK Sanctions
- Legislation
Protection of Trading Interests Act 1980 (UK blocking statute)
