The approval comes at a time when the US seeks to re-impose sanctions on the Islamic Republic. According to an article on Reuters on 5 July 2018, “The EIB, the European Union’s not-for-profit investment arm, is a key pillar of the bloc’s attempts to maintain business links with Iran in the face of Washington’s decision to re-impose sanctions […]”

That said, the lawmakers’ approval does not mean the EIB must work in Iran. Siegfried Muresan of the European Peoples’ Party (EPP) stated in the article that, “We are granting the EIB the capacity to invest in Iran if suitable projects are found.”

During the vote, European Parliamentary lawmakers blocked a motion from the far-right group, Freedom and Direct Democracy, which includes the UK Independence Party among its members.