(Photo: CGTN)

The EU has taken measures to soften the impact of US sanctions on European markets and doing business in Iran. The first is a so-called "blocking statute" that prohibits EU companies and courts from complying with laws that govern foreign sanctions.

The regulation also stipulates that no foreign court judgments based on these laws will have any effect in Europe. The EU is also removing obstacles to allow the European Investment Bank to support EU investment in Iran.

In May, the United States pulled out of a 2015 deal between world powers and Tehran under which international sanctions were lifted in return for curbs on its nuclear program.

Washington decided to reimpose sanctions and has told other countries they must halt all imports of Iranian oil from Nov. 4 or face US financial measures.

“Actually China is the main reason that the Iran nuclear deal is standing,” says Ghanbar Naderi, a columnist at the Kayhan International Newspaper in Tehran. He holds that Iran depends more on China than the EU when it comes to protecting the nuclear deal and alleviating US pressure and sanctions.

“The EU has promised to take measures to protect its interests in Iran and to do business with Iran despite US pressure and sanctions. I am afraid it is not enough.”

Naderi points out energy giants from the EU such as Total have decided to leave the Iranian market. 

Although the bloc is now ready to activate new measures to counter US interference with its firms doing business in Iran, Naderi maintains it is still uncertain if EU is really serious about helping Iran stay in the deal.

Washington is intensifying its economic and diplomatic pressure on Tehran. Renewed US sanctions on Iran will go into effect on Monday. Iran's Revolutionary Guard says it has held naval exercises in the Gulf over the past several days to prepare against potential threats. So is there a risk of war?

Naderi says Iran is not seeking confrontation or war but is preparing for any kind of the scenario. He warns that if Iran is unable to export its oil to the international market, it is likely to prevent its neighbors from transporting oil through the Strait of Hormuz. He urges the Trump administration to drop the anti-Iran policy and to go back to the negotiating table.