EU to Expand Iran Sanctions Over Hormuz Blockade

Source: Bloomberg

EU to Expand Iran Sanctions Over Hormuz Blockade
  • 20 Apr, 20:49
  • Iran

The European Union is set to broaden the criteria of its sanctions on Iran to include individuals and entities deemed responsible for blocking the Strait of Hormuz, according to two unnamed EU diplomats, The Caspian Post reports, citing Reuters.

“There was a political agreement among ambassadors that we would indeed change the criteria in Iran’s sanctions regime so that we could also list persons and entities responsible for obstructing the freedom of navigation in the Strait of Hormuz,” one of the diplomats said.

A second diplomatic source noted that the European External Action Service would require several weeks to prepare any new listings. The service is responsible for designating individuals and companies under sanctions, while the European Commission oversees broader, sector-wide restrictions.

Tehran closed the strait after the US-Israeli war on Iran began on February 28, disrupting roughly one-fifth of global oil and liquefied natural gas supplies.

In January, the EU designated Iran’s Islamic Revolutionary Guard Corps as a “terrorist organisation,” and in March it sanctioned Iranian officials over alleged human rights violations.

More than a dozen tankers passed through the Strait of Hormuz after Iran briefly announced its reopening on Friday. However, the ceasefire was put at risk when the United States seized an Iranian cargo ship while continuing its own naval blockade targeting Iranian ports.

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EU to Expand Iran Sanctions Over Hormuz Blockade

The European Union is set to broaden the criteria of its sanctions on Iran to include individuals and entities deemed responsible for blocking the Strait of Hormuz, according to two unnamed EU diplomats, The Caspian Post reports, citing Reuters.