Sanctions target Iran's economy

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By The Associated Press
Published: June 17, 2008

LUXEMBOURG — The European Union agreed Monday on the need to sharpen sanctions on Iran — possibly targeting the oil and gas sectors in Europe's strongest punishments yet to discourage Tehran's nuclear ambitions.

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The EU's stance follows Iran's latest refusal to accept economic incentives in exchange for halting uranium enrichment.

Washington's European allies have been cautious on punishing Iran because of deep business and energy ties. But the latest move — which is not yet final — would strike directly at Iran's economic base and its plans to expand gas and oil exports to Europe at a time of record-high prices. British Prime Minister Gordon Brown also announced that Britain will freeze the assets of Iran's largest bank, Bank Melli.

Also in the Middle East ...

•LEBANON SUPPORT: U.S. Secretary of State Condoleezza Ricem, in Lebanon, said Monday she welcomes a new power-sharing arrangement in Lebanon even though it increases the power of Hezbollah militants at the expense of U.S.-backed moderates.


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Related Topics: Political Policy, Politics, War and Conflict, Business, World Politics, Diplomacy, Trade, Imports and Exports, International Relations, Middle East Conflict, Iranian Politics, British Politics, Political Sanctions, European Politics


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