The US have a long track record of using soft power and extraterritorial law to punish foreign states and companies, including supposed allies. The two most interesting cases where high profile European companies were targeted had something to do with US sanctions against Cuba and Iran.
Examples abound. Look at what happened to BNP Paribas. This is how it looks in a press release:
I suspect you're missing somethingindeed. Of course, BNP's general counsel sounded submissive. His company entered a plea deal in the US.
The issue at stake is how extraterritorial the US legislation is.
Should the US government be able to determine that an EU company cannot do anything anywhere anytime involving US dollars if it has Iranian clients for example?
I reviewed more and I don't appear to be missing anything. Yes to your question.
"BNP Paribas has been present in the United States since the late 1800s and currently has over 16,000 employees in North America." [1]
From the article: "The sentencing followed BNP Paribas’ guilty plea in July to conspiring from 2004 to 2012 to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act."
You violate Acts and you want to operate in the US, you get sentenced. If they want to play ball, they need to follow the laws.
"Authorities said that BNP essentially functioned as the “central bank for the government of Sudan,” concealing its tracks and failing to cooperate when first contacted by law enforcement."
You had written - "The US have a long track record of using soft power and extraterritorial law to punish foreign states and companies, including supposed allies"
Examples abound. Look at what happened to BNP Paribas. This is how it looks in a press release:
https://www.reuters.com/article/us-bnp-paribas-settlement-se...