EU reading unprecedented sanctions against Iran

PanARMENIAN.Net - The European Union is readying its toughest action to date against Iran, moving to dry up funding of its contested nuclear drive by targeting both its oil and financial sector, diplomats said Friday, Jan 20.

Foreign ministers from the 27-nation bloc meeting in Brussels on Monday are expected to agree to sanction Tehran's central bank - and possibly other banks - and announce an embargo on purchasing Iranian oil, EU officials and diplomats said, AFP reported.

In the build-up, French President Nicolas Sarkozy urged "much tougher, more decisive sanctions" as a means of avoiding military action while German Foreign Minister Guido Westerwelle warned Iran was endangering world peace.

"Those who do not want to reinforce sanctions against a regime which is leading its country into disaster by seeking a nuclear weapon will bear responsibility for the risk of a military breakdown," Sarkozy said.

Westerwelle said Monday's new "very substantive sanctions" aimed to make the point that Iran's nuclear behavior "is unacceptable and a danger to world peace."

Also expected Monday are bans on the sale of gold, diamonds and other precious metals to Iran and any delivery of newly minted coins and notes. Existing bans on petrochemical imports and investment are to be enlarged.