Jasper Helder Quoted in MoneyLaundering.com on EU’s Blocking Regulation

Akin Gump international trade partner Jasper Helder has been quoted in the MoneyLaundering.com article “EU Officials Outline Prohibitions Against Compliance with U.S. Sanctions Against Iran,” regarding the European Union’s new blocking statute, which forbids companies doing business in affected EU states from obeying U.S. sanctions against Iran.

The article reports that European banks seeking to wind down business with Iran because of a fear of violating the U.S. sanctions must first obtain a license or risk punitive action under the EU blocking regulation designed to counter the measures. The regulation requires firms in the European Union to disregard those sanctions and disclose any “events arising” that damage them financially, the guidance warned.

Given the level of disagreement between EU and U.S. authorities over the Iran deal, the financial services industry and others should anticipate a strong push for robust enforcement of the EU blocking regulation, said Helder.

“People used to think the choice is between being bitten by the U.S. dog or the European mouse, but given the political sensitivities I would not be so sure,” Helder added. “If you want to err on the side of caution, it makes sense to apply for a license.”