EU Considers Sanctions Against Syria Central Bank

Syrian Central Bank

European Union member states are working on a new round of sanctions against Syria, which they hope to conclude by February 27, EU diplomats said on Tuesday.

The sanctions would include a freeze on the Syrian central bank's assets as well as on most transactions with it, they said. The sanctions would also ban the import and export of phosphates, diamonds, gold and other precious metals.

"A new round of financial sanctions is on the table," one diplomat said, adding that they had full backing from France and Germany.

"The sanctions would include freezing assets of the Syrian central bank and banning any transaction with it which is not deemed legitimate... Sanctions would also foresee a ban on imports and exports of phosphates, gold, precious metals and diamonds."

EU member states are also considering a ban on commercial flights to and from Syria, but agreement on this is less likely, the diplomats said.

"A realistic objective would be to get the sanctions agreed by February 27, when EU foreign ministers meet in Brussels, but it could also happen before," said one of the diplomats.

The sanctions talks came as Syrian forces renewed their bombardment of Homs as part of President Bashar al-Assad's crackdown on a popular revolt.
 
Reuters 
 

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Posted on February 7, 2012 14:19 by Tom Herod
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US Levies New Sanctions on Iran's Central Bank

Iranian currency
By JULIE PACE, Associated Press

WASHINGTON (AP) — In a fresh swipe at Iran, President Barack Obama has ordered new sanctions on the Islamic republic, including its Central Bank, moving to enforce a law he signed in December.

In a letter to Congress Monday, Obama said more sanctions are warranted "particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks." He said the problems included the hiding transactions of sanctioned parties, the deficiencies of Iran's anti-money laundering regime and the unacceptably high risk posed to the entire international financial system posed by Iran's activities.

The Central Bank sanctions were included as an amendment in the wide-ranging defense bill Obama signed into law at the end of 2011. The White House said Obama signed the executive order approving the sanctions on Sunday.

The new measures come as the White House tries to both ratchet up pressure on Tehran to abandon its nuclear program and dissuade Israel from launching a unilateral strike on Iran, a move that could roil the Middle East and jolt the global economy.

Obama said Sunday that he does not believe Israel has yet decided whether to attack Iran. The president said he still believes a diplomatic solution is possible.

Iran insists its nuclear pursuit is for peaceful purposes, but the West accuses Iran of developing the know-how to build a nuclear bomb. Defense Secretary Leon Panetta last week would not dispute a report that he believes Israel may attack Iran this spring in an attempt to set back the Islamic republic's nuclear program.

In recent weeks, both the U.S. and European Union have imposed harsher sanctions on Iran's oil sector, the lifeblood of its economy.

In Washington, the Senate Banking Committee easily approved yet more penalties on Tehran last week. The sweeping measure, which is not yet law, would target Iran's Revolutionary Guard Corps, require companies that trade on the U.S. stock exchanges to disclose any Iran-related business to the Securities and Exchange Commission, and expand penalties for energy and uranium mining joint ventures with Tehran.

Copyright © 2012 The Associated Press. All rights reserved. 
 

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Posted on February 6, 2012 12:12 by Tom Herod
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EU Bans Iranian Oil - Freezes Central Bank Assets

Iranian Oil

The European Union has banned new purchases of Iranian oil and frozen the assets of Iran's central bank as part of a Western campaign to pressure Tehran to suspend controversial parts of its nuclear program.

EU foreign ministers agreed to the new sanctions Monday in Brussels. Their decision allows member nations with existing contracts for Iranian oil to honor those purchases until July 1. The grace period is meant to help major buyers such as Greece, Spain and Italy find alternative sources of supply before the full ban takes effect.

Western powers accuse Iran of trying to develop nuclear weapons under cover of a civilian energy program, a charge Tehran denies.

The leaders of France, Germany and Britain urged Iran's leaders “immediately to suspend its sensitive nuclear activities,” saying they will “not accept Iran acquiring a nuclear weapon.” In Washington, U.S. President Barack Obama said the new sanctions demonstrate once more the international community's resolve to address “the serious threat presented by Iran's nuclear program.”

Read the full story at Voice of America.

Update: Iran slams EU oil embargo, warns could hit U.S.

 

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Posted on January 24, 2012 00:34 by Tom Herod
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27 EU Governments To Freeze Iran Central Bank Assets

Central Bank of Iran
Central Bank of Iran

 The European Union has reached an agreement to impose sanctions on Bank Tejarat, the last major Iranian bank financing large-volume trade in Europe, according to EU diplomats and sanctions specialists close to the negotiations.

The move may complicate tens of billions of dollars in annual trade with Europe and monetary transactions by EU diplomatic missions in Tehran, they said.

A European diplomat, who spoke on condition of anonymity because the negotiations are private, said some EU officials have objected to an asset freeze because Bank Tejarat is used by EU countries with diplomatic missions in Tehran. If the bank is subject to sanctions, EU embassies and their staffs would have to carry cash and pay for transactions in euros, said the official, who had been briefed by his foreign ministry.

Read the full story at Bloomberg.
 

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Posted on January 19, 2012 17:05 by Tom Herod
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Euro, Meant to Unite Europe, Seems to Be Dividing It

Divided European Union

PARIS — The euro was a political project meant to unite Europe after the Soviet collapse in a sphere of collective prosperity that would lead to greater federalism. Instead, the euro seems to be pulling Europe apart.

As European leaders scramble to present a united front for this weekend’s critical meeting in Brussels, anxiety in Europe is growing, and not just about the euro. The assumptions of 60 years suddenly seem hollow, and the road ahead is unclear, as if the GPS system has gone out of whack.

On the surface, the European Union is an enormous success. It has nearly 500 million citizens and a gross domestic product of more than $17 trillion, larger than that of the United States and more than three times China’s or Japan’s. It is America’s largest trading partner by far, and together the two economies account for roughly half the world’s gross domestic product and nearly a third of its trade.

Read the full article at The New York Times.
 

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Posted on October 20, 2011 07:29 by Tom Herod
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