The European Union today provisionally approved new economic sanctions
against Iran over its nuclear program. The new sanctions would cover banking
sector, industry and shipping and are scheduled to be formally approved on
Monday at an EU foreign ministers' meeting in Luxembourg. (Reuters, 12 October)
The new ban will force European traders to apply to their national governments for authorization before they can finance any transactions with Iran. EU states will also be banned from selling metals and graphite -crucial in steelmaking - to Iran.
Regarding the shipping industry, the new measures will forbid European
companies to provide shipbuilding technology and oil storage capabilities, as
well as flagging and classification services to Iranian tankers. At present, vital
parts of the engines in Iran's tankers and commercial fleets are made in Europe.
Photo credit: The European Commission HQ in Brussels. 12 October 2012. (Yves Herman/Reuters)
8 comments:
Doesn't matter,Iran can build advanced wooden sailboats!
although the design problems of the advanced wooden sails on them have proven a bit tricky
Are you the same author of those two first comments?
Is your intention to show that this blog is hot?
that makes the peace price even more ridiculous
Our true friends russia and north korea will sell us all the good tech stuff that we need
go iran go
Idiotic comment...No matter what your politics are at least post something useful and do not lower this Blogg to a low level. I am sure you all can find other forums and blogs where stupid and useless comments are plenty and to the level of blogger, but not here.
The implication of this new sanction is that Iran will no longer be able to continue the current production level and store excess, unsoled, oil on tankers. Production cut is easier said than done and will have unpredictable impact on the health of iran's industry.
Don't you guys think that Iran could go around the sanctions and sell some of its oil through Iraq?
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