October 15, 2012 / 4:49 PM / 7 years ago

Factbox: EU approves new sanctions against Iran

LUXEMBOURG (Reuters) - The European Union agreed new sanctions against Iran on Monday to force Tehran to comply with international demands that it scales back its nuclear program.

Following is a list of the new measures:

- Prohibition of financial transactions between European and Iranian banks, unless they are explicitly authorized in advance by national authorities under strict conditions.

- Strengthened measures against the central bank of Iran.

- Ban on exporting graphite, and raw or semi-finished metals, such aluminum and steel, as well as software for integrating industrial processes to Iran. The prohibition also includes related technical or financial assistance.

- Ban on importing natural gas from Iran into the EU; this measure concerns import, purchase and transport of gas, as well as finance and insurance related to these activities, an existing export ban on key equipment for the Iranian oil, gas and petrochemical industries is broadened.

- Vessels belonging to EU citizens and companies may no longer be used for transporting or storing Iranian oil and petrochemical products. The involvement of EU industries in the construction of new oil tankers for Iran will no longer be permitted and key naval equipment and technology for ship building and maintenance can no longer be supplied to Iran.

- Flagging and classification services for Iranian oil tankers and cargo vessels will also be banned.

- EU member states will stop supporting trade with Iran through new short-term export credits, guarantees or insurance. Medium- and long-term commitments were already previously prohibited.

- Thirty-four additional Iranian entities providing substantial financial support to the Iranian government and one person involved in the Iranian nuclear program will be added EU sanctions list.

- The additional listings of entities and people will come into effect on Tuesday when the EU publishes details in its official journal. Most other measures come into full effect when an accompanying regulation is drawn up.

For details, see: here

Reporting by Justyna Pawlak; Editing by Jon Hemming

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