The Commission "launched the formal process to activate the Blocking Statute by updating the list of US sanctions on Iran falling within its scope," the statement reads further.
The Blocking Statute prohibits EU firms from adhering to the extraterritorial effects of US sanctions, allows companies to recover damages caused by such sanctions and neutralizes the effect in the European Union of any foreign court decisions related to the compliance with the restrictive measures, according to the EC.
The European Commission also recommended EU states to consider one-off bank transfers to Iran’s Central Bank so that the local government was able to get oil-related revenues in case US sanctions targeted EU firms involved in oil transactions with Iran.
The measures will come into force within two months unless the European Parliament and EU governments formally reject it.
Earlier in the day, EU Commission President Jean-Claude Juncker announced that the bloc planned to apply a 1996 law that would prohibit European companies from complying with any sanctions the US would reintroduce against Tehran.
Other signatories to the JCPOA have criticized Trump’s decision to unilaterally pull out of the deal.