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European Union joins U.S. in sanctions on Iran's oil

Brussels – New listings by the EU's 27 member governments targeted the National Iranian Oil Company.

The central bankers joined the U.S. in its sanctions restricting oil and gas imports from other Iranian subsidiary entities such as the gas company, the distribution operation and a state firm that oversees the nationalized tanker industry, as well as several Iranian banks.

The policy move is said to be aimed as causing the Iranian government to enter into serious negotiations involving its development of a nuclear program.

Iran denies it has any military intentions connected to nuclear research and will not abandon its work unless major international sanctions are lifted.

International observers estimated at the time of the July 1 U.S. embargo that the sanctions had cut Iranian exports of 2.2 million to 3 million barrels a day by 50 percent. 

Pre-embargo sales to European countries were about 600,000 barrels per day, according to knowledgeable experts.