EU imposes fresh sanctions to target Iran’s oil & gas indust

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Brussels: European Union governments imposed sanctions on Tuesday against major Iranian state companies in the oil and gas industry, and strengthened restrictions on the central bank, cranking up financial pressure over Tehran’s nuclear programme.
Among the more than 30 firms and institutions listed in the EU’s Official Journal as targets for asset freezes in Europe was the National Iranian Oil Company, one of the world’s largest crude exporters, and the National Iranian Tanker Company.
Both are vital elements of the Iranian oil industry, the main source of revenue for the government. Their importance has risen in recent months as governments in Europe and the US seek to curb Tehran’s access to cash, forcing Western companies to halt trade with Iran and, in turn, driving Tehran to rely more on domestic firms. EU governments said both NIOC and NITC provide financial support to the government.
The US has already imposed curbs on NIOC and has blacklisted the company.
Washington said NIOC is linked with the Islamic Revolutionary Guard Corps, Iran’s elite force which the US treasury department claimed has been coordinating a campaign to sell oil to evade sanctions. REUTERS
Curbs inhuman, illegal & unwise: Iran
Iran on Tuesday denounced the new European Union sanctions as “inhuman”, vowing they will not force any retreat on the country’s suspect nuclear programme. Foreign minister Ramin Mehmanparast said on Tuesday the measures won’t bring any rollback from Iran on its ability to enrich uranium for nuclear fuel and called the sanctions “illegal, unwise and inhuman.” AP