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EU expands sanctions on Iran

The EU has approved improvements to sanctions on Iran that will prohibit all transactions between EU and Iranian banks, according to OilPrice.com.

In this April 2008 file photo, Iranian oil technician Majid Afshari checks the oil separator facilities in Azadegan oil field, near Ahvaz, Iran. New sanctions on Iran aim to make things far more difficult for Iran鈥檚 nuclear program by banning the export of materials to Iran which could be used in nuclear programs, according to OilPrice.com.

Vahid Salemi/AP/File

October 18, 2012

Having made little progress in talks with Iran over its nuclear program, the EU has decided to increase pressure on Tehran by tightening sanctions.

Yesterday in Luxembourg, EU foreign ministers approved the improvements to the sanctions which close existing loopholes, and will focus on the finance, energy, and transport industries. They also took action to freeze the assets of 34 Iranian corporations in an attempt to restrict the ability of Ahmadinejad鈥檚 government to raise funds for further nuclear research and development.聽(Related Article:聽)听

The UK Foreign Secretary William Hague said of the new sanctions that聽鈥渢he EU鈥檚 message today is clear: Iran should not underestimate our resolve. We will continue to do all we can to increase the peaceful pressure on Iran to change course and to return to talks ready to reach a negotiated solution by addressing the world鈥檚 concerns.鈥

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German Foreign Minister Guido Westerwelle stated that聽鈥渨e want a political and diplomatic solution. Sanctions are beginning to work. That sanctions are beginning to work shows that a political and diplomatic solution is possible. So far, we haven鈥檛 seen sufficient readiness for substantial talks on the atomic program.鈥聽(Related Article:聽)

The EU鈥檚 new round of sanctions prohibit all transactions between EU and Iranian banks, except for those transactions given specific permission by national authorities; existing restrictions were also tightened on Iran鈥檚 central bank. The new sanctions aim to make things far more difficult for Iran鈥檚 nuclear program by banning the export of materials to Iran which could be used in nuclear programs, such as graphite, aluminium, steel, and industrial software.

Europe doesn鈥檛 deny Iran the right to develop its own electricity generating nuclear power sector, it only asks that it gives up on any ambitions to develop nuclear weapons.

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