EU's 'toughest ever' sanctions target Iran
Published 24/07/2010 | 05:00
The EU is to target Iran with its "toughest ever" economic sanctions directed at officials, banks and the country's oil industry.
Legally binding measures, to be agreed on Monday, will go far beyond existing United Nations measures against Iran's nuclear programme. Officials said companies and banks would be starved of access to the European market, cutting off significant levels of trade with Germany and Italy. New banking measures will require all financial institutions connected with Iran to give prior notification of all transactions of more than £8,400 (e10,000) and authorisation for any transfers over £33,600 (e40,000).
All Iranian air cargo flights in and out of the EU will be banned. (© Daily Telegraph, London)