EU Details Iran Sanctions

Draft regulation lists banned products, including SWIFT’s ‘financial communications services.’

The European Union is seeking to ban imports of products including petroleum oils and natural gas from Iran and to bar global bank-transfer messaging companies from providing services to entities subject to EU sanctions.

The EU regulatory arm and the bloc’s foreign affairs service proposed that as well as more common fuels such as gasoline and diesel, the list of banned products include oils obtained from bituminous materials other than crude, liquefied petroleum gas as well as bitumen and asphalt, according to a draft regulation obtained by Bloomberg. The document details what is included in the EU’s oil embargo on Iran, which enters into full force on July 1 when a grace period on existing contracts ends.

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