EU Expands Iran Sanctions To Target Those Blocking Strait Of Hormuz

The European Union is set to expand its sanctions on Iran to include people and organisations involved in blocking the Strait of Hormuz, according to two EU diplomats.

The strait, one of the world’s busiest shipping routes, has been largely shut for nearly two months, affecting global energy and commodities markets. It carries about one-fifth of the world’s oil and liquefied natural gas supplies.

Iran effectively closed the waterway after US-Israeli strikes on its territory began on February 28. Since then, tanker traffic has been disrupted, with many vessels avoiding or delaying transit through the area.

There was a brief reopening on Friday when Iran said the strait was open, and more than a dozen tankers passed through during that time.

However, the situation did not hold for long. Tensions rose again after the United States seized an Iranian cargo ship while continuing its military blockade of Iranian ports, putting the ceasefire at risk.

One diplomat said EU ambassadors had agreed politically to change the sanctions criteria. This would allow the bloc to list those responsible for blocking freedom of navigation in the Strait of Hormuz.

Another diplomat said the European External Action Service will need a few weeks to prepare the names for the sanctions list.

The EEAS handles the listing of individuals and companies, while the European Commission deals with wider sector-related restrictions.

The EU has already taken steps against Iran in recent months. In January, it designated Iran’s Revolutionary Guards as a terrorist organisation. In March, it added sanctions on Iranian officials over human rights issues.

Reference: Reuters