EU Expands Sanctions Against Certain Iranian Industries

Summary

On October 15, 2012, the Council of the European Union adopted Council Decision 2012/635/CFSP, which strengthens existing EU sanctions against Iran.  Although the EU does not go as far as to implement a comprehensive economic embargo eliminating nearly all trade with Iran (as has the United States), this most recent action shows that multilateral trade restrictions continue to be strengthened against Iran due to concerns about its nuclear development program. In brief, the new EU restrictions include prohibitions on: 

• Transactions between EU financial institutions and Iranian banks and other financial entities without approval by the competent authority of a Member State;