The Diplomat in Spain

Spanish pavilion at the Iran Oil Show. / Photo: ICEX

The Diplomat. 13/08/2018

The Spanish government has acknowledged that the decision of the United States to withdraw from the nuclear agreement with Iran, and the consequent restoration of US sanctions against the Islamic Republic, could affect Spanish companies.

The withdrawal of the United States of America from the Joint Comprehensive Plan of Action (JCPOA) «entails the restoration of primary sanctions (those applied to US citizens or residents in the US) and secondary sanctions (applied to non-US residents and / or transactions carried out outside the US territory), «admitted the Government in response to a parliamentary question from Ciudadanos.

The reinstatement of secondary sanctions «could have an effect on foreign companies and, therefore, on Spanish companies”,  the executive continued, warning that «the complexity and nature of the sanctions announced by the US administration make it difficult to carry out of any estimate of the ultimate effect of the same on Spanish companies today».

Therefore, it said, «the Government is working at all levels to minimize the possible negative impact that the reimposition of sanctions by the US could have for Spanish companies”.

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The Government works with the EU so that companies can operate in the Islamic Republic

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The Executive also recalled that all EU member states «are unanimous with respect to the need to act in defense of the interests of European companies and to do so in a coordinated manner» and, therefore, «Spain participates actively in the discussions and supports all the actions that are being debated within the Union».

Both the Union and Spain «will do everything possible so that European and Spanish companies that want to operate in Iran can do so under an adequate business climate”, the government said.

«Spain, as a member state of the EU, participates in the JCPOA through the High Representative and Vice President of the EU, Federica Mogherini, given that the European External Action Service is competent in this matter and it is in this area, in the Foreign Relations group, which is debating what measures the EU will implement to defend the interests of European companies and actors in the Iranian market before the reimposition of sanctions by the US”, it concluded.