BICOM

The European Union yesterday approved the imposition of new sanctions on Iran, because of Teheran’s continued refusal to cooperate with the international community regarding its nuclear programme. The new sanctions come after a recent International Atomic Energy Agency report, which stated that Iran has carried out tests related to the ‘development of a nuclear device’. This latest revelation offered IAEA confirmation of the military aspect of Iran’s nuclear programme. The new sanctions will target 180 Iranian officials and companies. Those named in the new list will be subject to asset freezes and travel bans.

The EU postponed, however, a ban on importing Iranian crude oil – with ministers saying that a decision in this regard would be taken no later than January. EU member states currently take 450,000 barrels of Iranian oil per day – 18% of Teheran’s oil exports. The bulk of the remainder goes to China and India. Both France and Britain support an embargo of Iranian oil, but no unified position among EU member states has yet emerged. British Foreign Secretary William Hague stressed yesterday that more work remained to be done on the matter of an oil embargo. Hague added that Britain’s position was not related to the recent storming of the British embassy in Teheran.

Also yesterday, the US Senate also unanimously approved new measures against Iran – voting to penalise foreign financial institutions that do business with Iran’s central bank.