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,…
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
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
