EU adopts new sanctions against Iran
CORPORATE PRESS RELEASES (INDIA) news desk
DD news, July 27,2010
The European Union on Monday formally adopted a package of new sanctions against Iran, targeting the country’s foreign trade, banking and energy sectors.
The move, which EU leaders had been agreed to in principle in June, is the latest in a series of measures taken by the international community in an effort to halt Iran’s nuclear programme.
In Tehran, Iranian Foreign Ministry spokesman Ramin Mehmanparast denounced the EU decision.
“Moving toward confrontational measures and supporting unilateral actions and damaging the atmosphere are not considered by us to be a good use of the opportunity,” Mehmanparast said.
“We have a comprehensive set of sanctions. This is something where we have all 27 countries working together,” EU foreign policy chief Catherine Ashton said ahead of the meeting.
According to the decision reached in June, the sanctions will target dual-use items that could be used as part of a nuclear program, and Iran’s oil and gas industry – including the “prohibition of new investment, technical assistance and transfers of technologies.”
Iran’s shipping and air cargo companies will be blacklisted and banned from operating in EU territory, and new visa bans and asset freezes will be imposed on Iran’s Revolutionary Guard.
The sanctions also encompass trade insurance and financial transactions.
EU exports to Iran – mainly machinery, transport equipment and chemicals – amounted to Euro 14.1 billion in 2008.
Imports from Iran, the EU’s sixth largest energy provider, amounted to Euro 11.3 billion, with energy being 90 per cent of the total.
The new European restrictions will come on top of a fourth round of sanctions imposed last month by the UN Security Council to curtail Iran’s nuclear program over fears it is developing weapons.
The council endorsed those sanctions after Iran rebuffed a plan to suspend uranium enrichment and swap its stockpiles of low-enriched uranium for fuel rods.
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