EghtesadOnline: Australian exporters exposed to economic sanctions imposed on Iran are being urged to seek legal advice.
US President Donald Trump has reinstated sanctions against Tehran, months after withdrawing from an agreement for Iran to scale down the scope of its nuclear program in return for increased trade ties with western countries.
Australia’s Foreign Minister Julie Bishop has ruled out imposing new sanctions on Iran, but Australia will not be following Europe’s lead in passing a “blocking statute” to shield its companies from the trade tangle, Australia’s Nine News reported.
“We have advised Australian exporters to seek legal advice on the effects of international sanctions on their trading activity and we will certainly keep the matter under review,” Bishop told ABC radio on Thursday.
“We want to see Iran hold to this nuclear agreement and continue to abide by it.”
According to Financial Tribune, Trump has warned of “severe consequences” for companies who continue to do business with Iran.