New sanctions against Iran targeting its foreign trade, financial services, and energy and gas sectors will come into force on July 27 after the European Union adopts it, a diplomatic source close to the Council of the EU said.
The UN sanctions, adopted on June 9, include tougher financial controls and an expanded arms embargo, as well as an asset ban on three dozen companies and a travel freeze on individuals.
The new sanctions, introduced by the EU and United States, will go further than the UN sanctions, which were softened to secure support of veto-wielding members Russia and China.
The EU sanctions will include a freeze on investment in Iran's oil and gas sector, a ban on technology and equipment transfer, as well as providing specialized services.
The sanctions are also expected to ban exporting to Iran goods that may be used to produce weapons.
They will also introduce new visa restrictions and freeze bank accounts belonging to the Iranian Revolutionary Guard Corps. They may also prohibit Iranian banks from all activities in the EU, and Iran's IRISL freight carrier from entering EU waters.
RIA Novosti
