Europe Plans New Nuclear Sanctions on Iran

Strict Measures Target Banking, Industry and Shipping

By Reuters

Published October 14, 2012.
  • Print
  • Share Share
  • Single Page

(page 2 of 2)

On Sunday night, EU foreign ministers dined with Sergei Lavrov, foreign minister of Russia, a longtime supplier of arms to Assad’s government - though Lavrov said in June that Moscow is not delivering offensive weapons to Syria.

“We must not cease to strive for common solutions to international problems, even when this is very difficult, as with the current conflict in Syria,” Westerwelle said.

The dinner lasted three-and-a-half hours, and was “very open and frank and friendly”, according to one EU diplomat. The foreign ministers talked first about bilateral issues between the European Union and Russia, and then about international issues, in particular Syria and Iran.

SANCTIONS PUSH

The new sanctions on Iran mark a significant change of policy for the European Union which has focused in the past on targeting specific people and companies with economic restrictions.

It has traditionally lagged the United States in imposing blanket industry bans, wary of punishing citizens while inflicting pain on governments.

But pressure on Iran is already doing significant damage to its economy, in part due to an oil embargo levied by the EU this year and Washington’s new financial sanctions.

Earlier this month, riots broke out in protest against the collapse of the rial currency, which has lost some two thirds of its value against the dollar in the last year.

An EU diplomat has told Reuters the new European measures include a ban on financial transactions, with some exceptions for those involving humanitarian aid, food and medicine purchases and provisions for legitimate trade.

In a reversal of existing European policy, the ban will require European traders to apply to their governments for authorisation before they can finance any transactions in allowed goods. Previously, the EU’s more narrow approach was to allow trade broadly while banning specific products.

Trade will be hampered further by a new ban on Europeans extending short-term trade guarantees.

“The new EU sanctions will augment the already severe pain that sanctions are inflicting on Iran’s economy,” said Cliff Kupchan, a Middle East analyst at consultancy Eurasia Group.

EU states will be banned from selling metals and graphites - crucial in steel-making - to Iran. The EU will also ban imports of natural gas from Iran.

The EU is also targeting Iran’s shipping industry, in an effort to curb Tehran’s ability to sell oil outside of Europe and the United States to obtain funds and hard currency.

New measures will forbid European companies from providing shipbuilding technology and oil storage capabilities, as well as flagging and classification services to Iranian tankers.


The Jewish Daily Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, The Jewish Daily Forwardrequires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and The Jewish Daily Forward reserves the right to remove comments for any reason.





Find us on Facebook!
  • "You wouldn’t send someone for a math test without teaching them math." Why is sex ed still so taboo among religious Jews?
  • Russia's playing the "Jew card"...again.
  • "Israel should deal with this discrimination against Americans on its own merits... not simply as a bargaining chip for easy entry to the U.S." Do you agree?
  • For Moroccan Jews, the end of Passover means Mimouna. Terbhou ou Tse'dou! (good luck) How do you celebrate?
  • Calling all Marx Brothers fans!
  • What's it like to run the Palestine International Marathon as a Jew?
  • Does Israel have a racism problem?
  • This 007 hates guns, drives a Prius, and oh yeah — goes to shul with Scarlett Johansson's dad.
  • Meet Alvin Wong. He's the happiest man in America — and an observant Jew. The key to happiness? "Humility."
  • "My first bra was a training bra, a sports bra that gave the illusion of a flat chest."
  • "If the people of Rwanda can heal their broken hearts and accept the Other as human, so can we."
  • Aribert Heim, the "Butcher of Mauthausen," died a free man. How did he escape justice?
  • This guy skipped out on seder at his mom's and won a $1 million in a poker tournament. Worth it?
  • Sigal Samuel's family amulet isn't just rumored to have magical powers. It's also a symbol of how Jewish and Indian rituals became intertwined over the centuries. http://jd.fo/a3BvD Only three days left to submit! Tell us the story of your family's Jewish heirloom.
  • British Jews are having their 'Open Hillel' moment. Do you think Israel advocacy on campus runs the risk of excluding some Jewish students?
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.