The EU is threatening to “show restraint” in when reviewing loan applications. Iran must be terrified:
The European Union has imposed new sanctions against Iran in protest of its nuclear program, the EU presidency announced Friday.
Current EU president France said EU nations would show restraint in giving public loans that help companies trading with Iran and would carefully watch financial groups doing business with Iranian banks, especially the Saderat bank.
EU countries will also inspect airplanes and ships traveling to and from Iran, notably Iran Air Cargo and the Islamic Republic of Iran Shipping Line, to check that they are not carrying contraband to the country.
The move was in accordance with an agreement reached between European ambassadors last month and marked a strict implementation of the latest UN Security Council resolution.
It sounds weak but AFP knows a bold move when it sees one:
The measures, in line with an agreement by European ambassadors last month, are a robust application of the latest UN Security Council resolution on Iran.
The UN has called for “vigilance” in entering into new commitments for public-provided financial support for trade with Iran, including the granting of export credits.
The EU has gone further by urging member states to exercise “restraint” in its dealings with Iran in those areas.
That’s right, we have a shocking case of cowboy diplomacy on our hands here.