The new package of EU sanctions against Iran is aimed at disrupting the oil industry in the country. The details of the project will be considered on July 26th at a meeting of EU foreign ministers in Brussels. According to ITAR-TASS, citing diplomatic sources, the key positions have been agreed on and only the technical aspects need resolving and formulating.
The new package of sanctions, approved at the EU summit in June, is aimed at the energy sector of Iran. In particular, it forbids foreign investment in the oil and gas sectors, equipment trading in this sector and trade or exchange of oil cleaning and gas liquifying technologies.The package is being developed with the assistance of the International Energy Agency, which analyzed the economy of Iran. The analysis was to find the international sanctions that could freeze the Iranian oil-refining industry for as long as possible.
It noted reduction of petrol supplies as the most vulnerable sector of the Iranian economy: the country lacks oil refining facilities, which is why 40% of its petrol is imported.
Moreover, the project involves the financial sector of Iran: freezing assets of a set of Iranian banks and other business-structures that could be used for financing military development. The sanctions also consider the transport sector of Iran, with the country's largest shipping company to be affected.
