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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2677)7/31/2001 10:35:21 PM
From: Tomas   of 2742
 
"EU had adopted its own legislation making it illegal for a European company
to comply with the US Iran and Libya Sanctions Act (ILSA)"

Brussels rails against Washington move - EU sanctions broadside
Upstream, July 31

The European Commission said on Tuesday that it regretted the US decision last week to extend sanctions against Libya and Iran for another five years, warning it would retaliate if action was taken against European firms.

"As a matter of both principle and policy, the European Union has long opposed unilateral sanctions laws with extraterritorial effects," EU External Relations Commissioner Chris Patten said.

"Such laws, designed to impose US requirements on economic operators of foreign countries, threaten the open international trading system," he added.
...
Patten noted that the EU had adopted its own legislation making it illegal for a European company to comply with the US Iran and Libya Sanctions Act (ILSA), but said the measure still created "uncertainty and expense" for European companies.
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