The European Union agrees to impose sanctions over Iranian industries

The European Union agrees to impose sanctions over Iranian industries

The European Union has agreed to the sanctions proposed by United States, Great Britain and Canada. About 200 Iranian people, companies and organisations     are called to fall in the sanctions.

The sanctions were imposed due to the suspicion that Iran is planning to achieve ability of nuclear weapons and has been working on atomic bomb.

After the declaration of sanctions, Iran denied the European plan of action to handle the nuclear issue. It was also cleared by Iran that the sanctions would only increase their determination for the nuclear program.

The nuclear program is said to be a solution for his rising energy demands and is totally peaceful.

On the contrary analysts say that Iran has underestimated the strength of Western tenacity, forcing a difficult stage for compromise.

A senior European diplomat in Tehran said, "The regime is very worried about a military strike. They have mishandled the issue and it is now very difficult for them to reach any kind of compromise.”

"Also they are worried about a spread of the Arab Spring into Iran and cannot risk more economic pressure that can cause street protests," the diplomat added.

The idea of sanctions by western world as motivated after an intelligence report revealed during the November 8 meeting of International Atomic Energy Agency.

The report claimed an alleged plan of making an atomic bomb and that Iran was continuing its secret works.

However, following reactions for European countries on the report, Iran claimed it to be a “politically motivated” report.

The application of sanctions awaits the approval of foreign ministers in EU. Once it is approved, expected on December 1, the European companies will ban its trade with Iranian companies. The companies listed in sanctions will be under affect. The individuals
will face halt of personal assets and visa bans

United States has also declared Iran to be the most likely “primary money laundering concern”. This step was taken to deter the non-U.S. banks from Iran.

11 entities are blacklisted under the suspicion of aiding Iran’s petrochemical, oil and gas industries.

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Posted by Samer Ahmed on Nov 23 2011. Filed under World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry