EU Sanctions Hit Iranian Gas

The European Union has announced today that it has banned the import of natural gas from Iran into the EU in a round of sanctions aiming to end Iran's possible development of nuclear weapons.

In a statement released today, the the Council of the European Union said that it had "serious and deepening concerns over Iran's nuclear programme and the urgent need for Iran to comply with all its international obligations."

While it said that it was keen to work with Iran to achieve a diplomatic solution, the Council has now imposed sanctions that will see the end of Iranian gas imports into the EU, as well as a ban on the use of EU vessels and infrastructure for the import or storage of Iranian oil or petrochemical products.

"The Council [has] banned the import of natural gas from Iran into the EU," the statement says. "This concerns import, purchase and transport of gas, as well as finance and insurance related to these activities."

The sanctions will also see transactions between EU and Iranian financial institutions severely restricted with only limited transactions allowed under strict EU supervision. Other companies will have their assets frozen, including Iran's state-owned oil and gas company, the National Iranian Oil Company (NIOC). 

Following the announcement, Iran hit out at the measures, saying the actions were "inhuman" and ill-advised.

"These pressures are illogical, inhuman and without any principles and therefore futile and just strengthening the nation's solidarity," Iranian Foreign Ministry spokesman Ramin Mehmanparast said today.

"We think the error in calculation which these countries are pursuing will distance them from a favourable result. We recommend that, instead of taking the wrong approach and being stubborn and using pressure ... with a logical approach they can return to discussions."