The European Union is taking steps to protect EU companies investing in Iran from renewed U.S. sanctions on Tehran after U.S. President Donald Trump pulled out of the 2015 nuclear deal.

According to an article published by New Europe weekly on Monday, the European Commission said it has adopted an update of the Blocking Statute and of the European Investment Bank (EIB)’s External Lending Mandate. The move follows up on the informal Leaders’ Meeting in Sofia, as well as the Commission’s announcements of May 18.

“These measures are meant to help protecting the interests of EU companies investing in Iran and to demonstrate the EU’s commitment to the Joint Comprehensive Plan of Action (JCPOA),” the Commission said in a press release.

“The European Union is fully committed to the continued, full, and effective implementation of the JCPOA, so long as Iran also respects its obligations. At the same time, the European Union is also committed to maintaining cooperation with the United States, who remains a key partner and ally,” the Commission said.

On May 8, U.S. President Donald Trump officially withdrew from the UN-endorsed nuclear agreement and plans to reimpose sanctions on Iran.

After the U.S. withdrawal, Iran wants assurances from the remaining parties that its interests are guaranteed otherwise it will resume nuclear activities with a higher speed.

NA/PA