EU sanctions against Iran will be tough

Telegraph:

Legally binding measures to be agreed on Monday will go far beyond existing United Nations measures against Iran's nuclear programme.

Officials said the impact of the measure would be to starve key companies and banks of access to the European market. Significant levels of trade with Germany and Italian would be cut off.

The measures reinforces a United Nations sanctions resolution passed in June

"I think the Iranians will be surprised by the extent of the measures," another diplomat said. "These measures go significantly beyond the scope of the resolution."

Iran's important energy industry will be "hit hard" by a total European prohibition on all investment, sale of equipment and investment in refining and liquid natural gas production.

New banking measures will require all Iranian banks, or financial institutions connected with Iran, to get prior notification of all transactions over £8,400 and authorisation for any transfers over £33,600.

Additionally, a "very significant" extended travel ban and asset freeze list, covering over 40 Iranian firms and officials, will be published on Tuesday. All Iranian air cargo flights, in and out of the EU, will also be banned.

A ban on EU exports of "dual use" technologies will be extended from nuclear applications to cover all conventional military applications and chemical weapons.

...

These sanction are overdue. Europe has not been as tough as it should have been during the years of trying to negotiate an agreement with Iran. It has been clear for years that Iran was not serious about reaching an agreement.

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