European Union governments’ imposed sanctions target NIOC subsidiaries, National Iranian Gas Company, National Iranian Oil Refining and Distribution, and several Iranian banks.
Apart from National Iranian Oil Company and National Iranian Tanker Company, the pivotal keys in Iranian oil industry and the main source of revenue for Iranian government, the ‘blacklist’ also included some major Iranian state companies dealing in the oil and gas industry.
Though the reports reveal that the sanctions are imposed to put a curb on Tehran’s nuclear program, the biggest player in Oil and Gas industry, Iran, says that the sanctions would never work as the country has nothing to do with nuclear program
Along with EU, the United States has also imposed restrictions on NIOC and has blacklisted the tanker company while strongly refusing to lift the major international sanctions amid growing concerns over Iran’s nuclear project.
Importing natural gas from Iran to Europe was banned by EU. It also imposed heavy measures against those companies in European Union that deal with Iran’s ship-building industry!
Photo Credit: AP Photo/Hasan Jamali
