Reuters is reporting that new sanctions have been imposed on Iran as of today. Amongst the most serious of those, which will hit industry hard, is the fact that all dealings between European and Iranian banks will be banned.

The new sanctions will put further pressure on Iran to come clean on its “nuclear programme and its continued failure to satisfy the world that that programme is for peaceful purposes,” William Hague said.

Crude oil is just one of the areas that has been targeted by sanctions, and South Africa has been amongst the countries that have boycotted purchasing crude oil from Iran as a result. A year ago, we were importing 42% of our crude oil from Iran. Now, we import none. That oil was valued at approximately R4 billion, and we are just one country doing this.

Reuters reported:

The European Union agreed to impose new sanctions on Iran on Monday to increase pressure over its disputed nuclear program, German Foreign Minister Guido Westerwelle said.

“We have decided a further packet of sanctions to increase pressure, so that the negotiations are substantial,” he said.

The bloc had been expected to approve new restrictions against Tehran’s banking sector, industry and shipping, in one of the toughest pushes against Iran by Europe to date.

The sanctions come amid mounting concerns over the Islamic Republic’s military intentions and the failure of diplomacy to solve the atom stand-off.

Further to this, the Telegraph detailed that all dealings between European and Iranian banks will be banned:

Ministers will agree for the first time on Monday to hit Iran’s telecoms sector, targeting companies believed to provide financial support for Tehran.

All dealings between European and Iranian banks will meanwhile be banned above a certain “relatively low” threshold, although exceptions will be allowed in some medical and humanitarian cases, the diplomat said.

Short-term export credit guarantees will be also barred, joining the medium- and long-term guarantees already banned.

Imports of Iranian gas will be prohibited, a symbolic gesture since the amounts involved are small, but the move sits alongside July’s much more significant ban on imports of Iranian oil.

Sales of graphite or aluminium which could be used in Iran’s nuclear or ballistic missile programmes are also to be closed down, with other measures targeting its shipping industry.

An extra 30 companies will be put on a list of firms hit by an EU assets freeze.

[Source: Reuters]