EU urges US not to renew law on Iran and Libya sanctions

Jul 16, 2001 02:00 AM

The European Union is urging the United States not to renew a controversial law that punishes foreign firms that invest in the energy sectors of Iran and Libya. EU foreign ministers said that such unilateral sanctions with extraterritorial effects create unnecessary and unhelpful differences between Europe and the United States, and have an adverse effect on transatlantic cooperation.

The 1996 US law allows the president to impose US sanctions on international companies that invest more than $ 40 mm in the oil and gas sectors of either Iran or Libya, based on grounds that the two countries are sponsors of terrorism. Some members of Congress want to extend the law for another five years.
The current law expires in early August.

Source: VOA News
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