The EU has imposed tougher sanctions on Iran, once again targeting the country’s energy sector. The bill, which went into effect on 16 October, bans purchase and transiting of Iranian gas by EU states/companies, prohibits investment in any sector of Iran’s gas industry, and forbids the carrying or storing of Iranian oil in any EU-owned tanker. It also blacklists Iran’s ministries of petroleum and energy, the National Iranian Oil Company (NIOC) and affiliates, and an individual – Iran’s Minister of Energy, Majid Namjoo (see table).
The action also forbids EU companies from helping Iran build tankers and stops the country registering vessels under EU flags or offering any reclassification services to Iranian owned tankers. These last two measures, along with the ban on chartering of EU-owned tankers, go into effect on 15 January 2013 in order to provide time for compliance. (CONTINUED - 717 WORDS)