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EU Formally Publishes New Sanctions On Syria

The European Union has formally published its new sanctions on Iran and Syria, confirming its moves to impose an oil embargo on Iran, to sanction the country’s central bank and to add 30 firms and people to its Syria sanctions list.

 

 

The sanctions were agreed to Monday by foreign ministers and represented the most significant ratcheting up of pressure on Iran thus far from Brussels over Tehran’s nuclear program.

In addition to the oil embargo and the central bank restrictions, the new sanctions on Iran include state-owned Bank Tejarat and a series of companies and people tied to Iran’s Revolutionary Guards, the country’s defense industry and the Islamic Republic of Iran Shipping Lines.

Among them are the Sad Export Import Co., which the EU said is a front company for Defense Industries Organization; Rosmachin; and Turbine Engineering Manufacturing, which Brussels said is used as a front company by Iran Aircraft Industries for "covert procurement activities."

The EU targeted three senior Revolutionary Guard officials, including the representative of Iran’s Supreme Leader to the Guards and the political bureau chief.

It also targeted BIIS Maritime Ltd. and a subsidiary of Iran Shipping Lines, Darya Delalan Sefid Khazar Shipping Co. (Iran).

Also on the list was Iran port operator Tidewater Middle East Co., which reportedly has operations at seven of the main ports in Iran.

Nigel Kushner, chief executive of Whale Rock Legal Ltd., which advises companies on Iran sanctions, said: "This begs the question as to whether shipments may now be made to the seven ports where Tidewater is said to have operations." If not, "then EU trade to Iran is, for all intents and purposes, dead in the water," he said.

The Syria sanctions list includes 22 people, 15 of whom are from the military. Five others intelligence and security officials were named and one person, Mehran Khwanda, a transport company owner said to provide logistical support for the government crackdown, was also targeted with the asset freeze and travel ban.

As expected, eight companies were sanctioned, including a number of state owned banks. Among them is the Industrial bank and the Popular Credit Bank and the Saving Bank.

In addition the EU targeted three energy companies, Ebla Petroleum Co., Dijla Petroleum Co. and the Deir-ez-Zur Petroleum Co.

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