Building Castles in the Air? The EU Blocking Regulation and the Protection of the Interests of Private Parties

The EU Blocking Regulation intends to exclude the effects of extraterritorial legislation by third countries and, in particular, those of US economic sanctions, to protect the interests of economic actors in the EU. The goals of the Regulation—effective enforcement of EU law and the protection of the interests of EU economic actors—give rise to an enforcement paradox: a lack of enforcement by the Commission and the state authorities. The Bank Melli case not only demonstrates a shift in the enforcement of the Blocking Regulation to private parties but also sheds light anew on the doubts about its ability to protect private interests.