Dutch Publication Quotes Jasper Helder on Efforts to Protect European Companies from U.S. Sanctions Laws
Contact:
Jasper Helder, a partner in the international trade practice at Akin Gump, was quoted by the Dutch publication Het Financieele Dagblad in an article discussing efforts by the European Union to protect European companies from the effects of U.S. sanctions. The article reports that the EU is using a two-decade-old statute that forbids European companies from complying with U.S. sanctions and offers them the opportunity to recover damages as a result of these sanctions.
Known as the “blocking statute,” the article says European companies, however, run the risk of being excluded from the U.S. economy since American companies are forbidden from doing business with European companies that trade with Iran and therefore do not comply with U.S. sanctions.
Most international transactions also take place in dollars, Helder pointed out. “For U.S. dollar transactions, you need U.S. banks, and they violate U.S. law if they finance transactions that are subject to sanctions,” he said.