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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Razorbak who wrote (2676)7/31/2001 8:55:49 PM
From: Tomas  Read Replies (2) of 2742
 
Libya & Iran: EU Threatens U.S. With WTO Complaint
The Associated Press, 31 July

BRUSSELS, Belgium (AP) — The European Union's head office warned Washington on Tuesday that it would complain to the World Trade Organization if the United States tried to penalize Europeans who do business with Iran and Libya.

EU Commissioner for External Relations Chris Patten expressed regret at the U.S. Congress' vote to extend the 1996 sanctions law.

While both sides agree on the need to fight international terrorism, he said, ``the EU is concerned that this important joint effort could be damaged by continuing U.S. attempts to promote the goal through unilateral extraterritorial laws.''

Congress sent legislation to President George W. Bush on Friday that would extend sanctions for five years against foreign firms that do business with Iran and Libya. Both countries have been accused of involvement in international terrorism.

The bill lets the president forbid offending foreign companies from exporting goods to the United States, selling to the U.S. government or obtaining more than $10 million annually in U.S. bank loans.

Many U.S. allies with big oil companies of their own that do business in Iran or Libya, oppose the sanctions. No company has faced sanctions since the law took effect.

European leaders resolved in 1997 to request that the WTO step in against the United States should any action be taken against EU companies or individuals under the U.S. law.
``That decision still stands,'' Patten said.
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