BRUSSELS: The EU launched formal steps Friday aimed at sparing European firms fallout from US sanctions on Iran as part of efforts to preserve the nuclear deal with Tehran.
The move to invoke the “blocking statute” had received the all-clear at a meeting of European Union leaders in Sofia on Thursday as the transatlantic rift deepened.
The European Commission, the EU executive, said Friday it “launched the formal process to activate the blocking statute by updating the list of US sanctions on Iran falling within its scope.”
US President Donald Trump last week controversially pulled Washington out of the 2015 international deal with Iran that placed limits on its nuclear program in return for easing economic sanctions.
The “blocking statute,” which EU member states and the European Parliament must still endorse, is aimed at easing the fears of European companies that invested in Iran after the deal.
“The blocking statute forbids EU companies from complying with the extraterritorial effects of US sanctions, allows companies to recover damages arising from such sanctions from the person causing them, and nullifies the effect in the EU of any foreign court judgments based on them,” the commission said.
The commission said it hopes to have the measure in force before Augut 6 when the first batch of US sanctions take effect.
The commission also launched “the formal process to remove obstacles for the European Investment Bank (EIB) to decide under the EU budget guarantee to finance activities outside the European Union, in Iran,” the executive said.
“This will allow the EIB to support EU investment in Iran,” it added, noting the measure could help small and medium-sized companies.
The “blocking statute” is a 1996 regulation originally created to get around Washington’s trade embargo on Cuba, which prohibits EU companies and courts from complying with specific foreign sanction laws, and says no foreign court judgments based on these laws have any effect in the European Union.
However, the Cuba row was settled politically, so the blocking regulation’s effectiveness was never put to the test, and its value may lie more in becoming a bargaining chip with Washington.
EU moves to shield EU firms from US sanctions against Iran
EU moves to shield EU firms from US sanctions against Iran
- The move to invoke the “blocking statute” had received the all-clear at a meeting of European Union leaders in Sofia on Thursday as the transatlantic rift deepened
- The commission said it hopes to have the measure in force before Augut 6 when the first batch of US sanctions take effect
Rotortrade, SILZ partner to launch first fully integrated HeliPark in Riyadh
RIYADH: Global helicopter distributor Rotortrade has partnered with the Special Integrated Logistics Zone Co. to launch a new maintenance, sales and services hub in Riyadh, marking the Singapore-headquartered company’s first entry into the Saudi market.
The Rotortrade HeliPark will span about 6,000 sq. meters across three floors and offer aircraft sales, maintenance, repair, completions and customer services, the companies said in a statement.
The facility will serve as a regional operating base as Saudi Arabia seeks to attract foreign investment in advanced aviation services, with design work due to be completed by February 2026 and construction to begin immediately afterward, targeting completion within the same year.
The project follows the acquisition of Rotortrade by the Public Investment Fund-owned The Helicopter Co. and forms part of a broader push to expand the company’s global footprint.
The development aligns with Saudi Arabia’s Vision 2030 and the National Transport and Logistics Strategy, which aim to position the Kingdom as a global aviation and logistics hub.
Philippe Lubrano, founder and CEO of Rotortrade, said: “The Rotortrade Helipark represents our long-term commitment to the Kingdom of Saudi Arabia and the wider GCC region.”
He added: “It is more than just a facility — it is a destination. Clients will be able to explore our aircraft, enjoy premium hospitality, and access comprehensive end-to-end services under one roof.”
Lubrano said the project reflects the company’s ambition to establish Rotortrade as the world’s leading global helicopter dealership and offers a unique value proposition not seen elsewhere in the rotorcraft industry.
Fadi Al-Buhairan, CEO of SILZ, said the agreement marks a diversification of services at Riyadh Integrated, and the facility will provide “critical infrastructure that accelerates our transformation into a multimodal logistics powerhouse.”
Al-Buhairan added that attracting aviation service providers such as Rotortrade strengthens global trade links, supports the localization of advanced technical skills, creates jobs and reinforces Saudi Arabia’s position as a regional aviation hub.
He said the investment reflects SILZ’s commitment to Vision 2030 by building local helicopter maintenance and technical capabilities, boosting exports and creating specialized career opportunities in the Kingdom.
According to the statement, the facility will include multiple helipads, dedicated helicopter display areas and a comprehensive service center providing maintenance, repairs and operational support.
A high-end hospitality area will also offer dedicated spaces for hosting clients, VIPs, government officials and partners, blending business engagement with industry innovation.
