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The Blocking Regulation is a 1996 European Union (EU) Regulation which prohibits EU companies from complying with certain extraterritorial US sanctions.
Managing conflicting rules
- "The US's reimposition of sanctions against Iran prompted the European Commission to expand the scope of the 1996 EU Blocking Regulation.
- The revised Blocking Regulation... in essence prohibits EU companies from complying with the reimposed US sanctions against Iran.
- The Blocking Regulation is often described as putting those within its scope (EU companies, nationals and others within the EU) between a rock and a hard place.
- Non-compliance may give rise to civil and, potentially, criminal penalties.
- However, the penalties for a non-US person failing to comply with the US's secondary sanctions can include being cut off from the US financial system - and being unable to deal with US persons."
- The Treasurer, October 2018, p43 - Slaughter and May.