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Friday, October 12, 2012

EU to Enact New Sanctions Against Iran

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)
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8 comments:

  1. AnonymousOctober 12, 2012 at 4:59 PM

    Doesn't matter,Iran can build advanced wooden sailboats!

    ReplyDelete
  2. AnonymousOctober 12, 2012 at 9:32 PM

    although the design problems of the advanced wooden sails on them have proven a bit tricky

    ReplyDelete
  3. AnonymousOctober 13, 2012 at 3:59 AM

    Are you the same author of those two first comments?

    Is your intention to show that this blog is hot?

    ReplyDelete
  4. AnonymousOctober 13, 2012 at 8:41 AM

    that makes the peace price even more ridiculous

    ReplyDelete
  5. AnonymousOctober 13, 2012 at 1:14 PM

    Our true friends russia and north korea will sell us all the good tech stuff that we need

    go iran go

    ReplyDelete
  6. AnonymousOctober 13, 2012 at 3:35 PM

    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.

    ReplyDelete
  7. UnknownOctober 13, 2012 at 5:26 PM

    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.

    ReplyDelete
  8. AnonymousOctober 13, 2012 at 8:13 PM

    Don't you guys think that Iran could go around the sanctions and sell some of its oil through Iraq?

    ReplyDelete