Tuesday, October 16, 2012

EU Publishes Details of New Iran Sanctions

The EU has published the implementing regulations covering its tough new sanctions against Iran. The sanctions impose a near-total embargo on financial transactions with Iran, covering all banks, including the Central Bank of Iran.

The sanctions also cover the entire oil and gas industry. The targets include the National Iranian Oil Company (NIOC) and its 20 subsidies, the Naftiran oil trading company and all its subsidies, the National Iranian Gas Company, the National Iranian Oil Refining and Distribution Company, and the National Iranian Tanker Company.

The Minister of Energy Majid Namjoo was added to the EU list of individuals subject to restrictive measures. The new sanctions also cover the Ministries of Petroleum and Energy. 

To read the text of EU implementing regulations, please click here.

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