Tougher EU sanctions on Iran by Magdalena Rosova

The European Union and Canada decided to impose tougher sanctions on Iran because of its continuing nuclear program. As a consequence Iran said on Monday that it was open to negotiate. European foreign ministers decided for another sanctions as Tehran refused to stop its nuclear work. Canada joined the EU within hours. Just month ago United Nations imposed a fourth set of sanctions, but people were not united and therefore the sanctions were not very effective. The new sanctions should revive talks between Iran and Britain, China, France, Germany, Russia and the United States. This way European countries showed Iran that they are highly concerned about its nuclear program. ! Tehran responded saying that the new set of sanctions would fail and complicate the relationships with the West. Tehran does not fin sanction as an effective tool. The new sanctions ban new investments and the sale of equipment, technology and services to Iran's energy sector. Iranian Oil Minister Masoud Mirkazemi said the sanctions would not effect the oil production in the country as European countries were not present in Iran's energy sector. Although Iran is the forth biggest producer of crude oil in the world, it has to import 40 percent of its own fuel needs as it is not able to cover domestic demand. The measures hit also banking sector in Iran, every transaction over 40,000 euros must be authorized by the European Union. This restriction will effect about 41 individuals and 22 government entities. Canada imposed its own sanctions aiming at banking sector, as well as chemical, biological and nuclear activities.

related story (sgx17897): http://english.aljazeera.net/news/europe/2010/07/20107268495...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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