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)