EU, UK expand sanctions on Iran

More sanctions likely as an incoming Trump administration likely to echo this tough stance

In an indication that sanctions will continue to be employed to combat terror financing, the EU and the UK just dropped new sanctions on Iran. The move comes in response to Tehran’s transfer of drones and ballistic missiles to Russia for use in its war against Ukraine, as well as to Iranian proxies around the Middle East.

The European Council stated that it had “decided to widen the scope of the EU framework for restrictive measures in view of Iran’s military support to Russia’s war of aggression against Ukraine and to armed groups and entities in the Middle East and the Red Sea region.” Included in the sanctions list are Iran’s national airline, Iran Air, Islamic Republic of Iran Shipping Lines (IRISL) and its director Mohammad Reza Khiabani.

The fresh sanctions are against vessels and ports used for transporting Iranian-made Unmanned Aerial Vehicles (UAVs), missiles and related technologies and components. They include prohibiting any transaction with ports and locks owned, operated or controlled by the sanctioned individuals and entities.

Not surprisingly, Iran’s foreign ministry condemned the new sanctions. Ministry spokesman Esmaeil Baghaei said in a statement, “While the president of Ukraine has admitted that no Iranian ballistic missiles have been exported to Russia, the measures of the European Union and United Kingdom in applying sanctions against Iran cannot be justified,” The Managing Director of Iran’s Ports and Maritime Organization Ali Akbar Safaei condemned the fresh sanctions and denied the “European accusations” as “baseless”, Iran’s official IRNA News Agency reported on Monday.

The EU is also sanctioning three Russian shipping firms for transporting Iranian weapons, including drone parts, across the Caspian Sea to resupply Russian troops in Ukraine.

This is likely to be just the beginning of a renewed sanctions campaign on Iran. An article in the Wall Street Journal noted that President-elect Donald Trump plans to “drastically” increase sanctions against Iran, and in an echo of his last administration, to reduce the country’s oil sales. It’s all part of the incoming administration’s strategy to erode Iran’s support of its violent Mideast proxies and its nuclear program.

Get your sanctions questions answered here. And see how Vinciworks can help you mitigate the risk of sanctions here.

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