More Sanctions (Updates)
Laicie Olson | Jun 17, 2010 |
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Oh, and Ahmadinejad is really mad.
After setting the stage at the UN last week, the US and EU have followed through on their pledge to implement strong unilateral sanctions on Iran. While decades of US sanctions have eliminated Iran’s reliance on the US market and rendered US sanctions essentially worthless, the implementation of stronger European sanctions is a significant step.
According to an official statement, the European measures include sanctions on “key sectors of the gas and oil industry with prohibition of new investment, technical assistance and transfers of technologies” and related equipment and services. In addition, Iran's shipping and air cargo companies will be blacklisted and banned from operating in EU territory, and new visa bans and asset freezes will be imposed on Iran's Revolutionary Guard. Officials say the new sanctions could come into force within weeks.
Prior to this move, the EU has not placed significant trade restrictions on Iran beyond existing UN sanctions. As a result, the EU is one of Iran’s largest trading partners, along with China, and provides for more than 20 percent of Iran’s trade. H/T to Max Bergmann here, who makes some great points on the Obama Administration’s containment strategy over at the Wonk Room. Bergmann points out that...
