Iran is getting its chain tightened just a few more links now that foreign ministers with the EU are pushing harder sanctions targeted at the nation’s energy sector, which is in turn aimed at hindering its nuclear program.
The restrictions are in foreign trade, oil and gas and financial services, the BBC reported Monday. Oil and gas are the most important because they form the backbone of the Iranian economy. But the sanctions are expected to be a serious arm twisting for Tehran because the EU has banned the exportation of equipment that is important to processing and refining natural gas. Also sales of materials that could potentially be used for military purposes are also banned.
Iranian President Mahmoud Ahmadinejad has previously warned against the ban, saying that “Iran will act swiftly.”