European Union (EU) nations decided on Monday to impose new sanctions on Iran for its failure to comply with demands to cease its nuclear program. The new sanctions will prevent people associated with the nuclear program from entering EU nations and will freeze the assets of Bank Melli, Iran’s largest bank.
With these tougher sanctions in place the EU along with the United States hope to force Iran into a situation where they pretty much have to compromise their nuclear program in order to preserve the health of Iran’s economy.
Read this Reuter’s article for more information:
“The economy of Iran will be more dependent on Chinese markets,” he added of a growing shift in Iran’s focus to Asia that has seen Europe’s share of the Islamic Republic’s trade dwindle to 25-30 percent from twice that five years ago. [read more]