US Iran, Libyan sanctions must be reviewed says EU

The D'Amato Act, a US measure which discourages trade with Libya, is under fire because of a French firm's transaction with Iran. The European commission yesterday said tension with US over French energy giant Total's plans to invest in Iran showed the need for the US to reach a deal with Europe soon over US trade laws.

The US Iran-Libyan sanctions act requires US President Bill Clinton to penalize any foreign company dealing with Iran or Libya for amounts of over $20 million, and US politicians have voiced uneasiness about Total's decision to sign a $2 billion gas contract with Iran, Al Ahram said today.

The EU urged the US to focus seriously on October 15 as a deadline for reviewing laws that seek to penalize foreign firms who do business with nations like Iran, Libya and Cuba or face possible World Trade Organization action.