U.K. Pushes for More Sanctions on Iran

Britain, France and Germany are working to prepare new sanctions on Iran to present at an October 15 meeting of the European Union foreign affairs council. According to the Financial Times, the new sanctions would affect four economic areas.

First, the EU would impose further restrictions on financial transactions with Iranian banks. Second, ban the import of goods that Iran can use for its nuclear program. Third, a so-called big push by the EU to enforce the oil embargo and prevent Iran from using any oil revenue to fund nuclear development. And fourth, look at ways to prevent Iran from dodging restrictions on its shipping operations.

The U.S. and EU sanctions are putting intense pressure on Iran's economy, which admits to an official inflation rate of 23.5%, but it is likely to be much higher.

Any further negotiations with Iran are unlikely to occur until after the U.S. elections in November.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Commodities, International Markets, Oil & Gas, Politics
Read Full Story

Markets

DJIA 21,640.75 66.02 0.31%
NASDAQ 6,385.04 40.74 0.64%
S&P 500 2,473.83 13.22 0.54%
NIKKEI 225 20,144.59 123.73 0.62%
HANG SENG 26,740.21 68.05 0.26%
DAX 12,512.32 60.27 0.48%
USD (per EUR) 1.15 0.00 0.19%
USD (per CHF) 0.96 0.00 0.27%
JPY (per USD) 112.08 0.21 0.19%
GBP (per USD) 1.30 -0.01 -0.48%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.