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EU To Tighten Iran Sanctions

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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 what would mark Europe's strongest punishments yet to discourage Tehran's nuclear ambitions.

The EU's tougher stance follows Iran's latest refusal to accept economic incentives in exchange for halting uranium enrichment, which Tehran insists is for energy-producing reactors but Western nations and others fear could be used to develop nuclear weapons.

Washington's European allies have been far more cautious on punishing Iran because of deep business and energy ties. The latest move, which is not final, would strike at Iran's economic base and its plans to expand gas and oil exports to Europe at a time of record-high prices.

"Action will start today in a new phase of sanctions on oil and gas," British Prime Minister Gordon Brown said at a London news conference with President Bush. "We will take any necessary action so that Iran is aware of the choice it needs to make."

Brown also announced that Britain will freeze the assets of Iran's largest bank, Bank Melli, in a separate - but largely symbolic - clampdown on Iran.

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