EU to widen Iran sanctions to those who block Hormuz

By Julia Payne and ‌John Irish

BRUSSELS/PARIS, ​April ​20 (Reuters) - The European Union will expand the criteria of its Iran sanctions to include those ‌responsible for blocking the Strait of Hormuz, which has ⁠been largely shut for nearly two months upending global energy and ‌commodities markets, two EU ‌diplomats said.

Tehran effectively closed the strait after U.S.-Israeli strikes on Iran began on February 28, cutting off roughly ​one-fifth of the world's oil and liquefied natural gas supplies.

More than a dozen tankers sailed through Hormuz after ⁠Iran briefly declared it open on Friday, but the ceasefire agreement was thrown ​into jeopardy after the United States seized an Iranian cargo ship as it maintained its own military ​blockade of Iranian ports.

"There was ‌a political agreement among ambassadors that we indeed would change the criteria in Iran's sanctions ⁠regime so that we could also list persons and entities that are responsible for the obstruction of the freedom of navigation ⁠in the Strait of Hormuz," one of the diplomats said.

A second ​diplomatic source said the European External Action Service would need a few weeks to prepare any new listings. The EEAS is in ‌charge of placing people and companies under sanctions while the European Commission handles sector-wide restrictions.

In ‌January, the EU designated Iran's Revolutionary Guards (IRGC) as a terrorist ⁠organisation and in March ‌it listed Iranian officials ​for human rights violations.

(Reporting by Julia Payne in Brussels and John Irish in Paris; Editing by ‌Kirsten Donovan)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Wall St opens lower as Middle East clashes send oil prices up
• US expected to approve expanded biofuel waivers as early as Monday, sources say
• Pentagon signs 7-year deals to increase missile production