EU Agrees to Join US Iran Sanctions, Iran Gets Funds Out of Town
By Jonathan Winer
A surprising consensus has now been reached by the US and the EU on imposing financial sanctions against Iran, if Iran doesn't immediately take action to shut down profliferation efforts.
According to Reuters, the EU-U.S. summit in Slovenia today will announce EU support for sanctions on Iranian banks. The EU is preparing an asset and funds freeze on Iran's biggest bank, state-owned Bank Melli, already subject to U.S. sanctions, that will be deferred to assess whether Tehran responds to a new offer of incentives by major powers for it to suspend uranium enrichment. In essence, the EU will follow a dual track policy, and impose sanctions if Iran doesn't take visible steps to stop its proliferation efforts.
In response, Iran has announced it will remove funds from EU banks. Not a promising initial reaction.
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