Tough EU sanctions to tighten screws on Iran

Brussels: The European Union is set to adopt ''comprehensive and robust'' sanctions against Iran over its disputed nuclear programme, according to a report by the Deutsche Presse-Agentur which cited a draft statement circulating before a meeting of EU foreign ministers.

The new sanctions will include banning investment in the oil and gas sector and tightening restrictions on shipping and finance. The new measures will bring under its purview a large number of senior Iranian officials and companies and will seek to cut off European investment in major sectors of the Iranian economy.

The draft in circulation before the EU foreign ministers names 41 Iranian individuals, 57 companies or other entities as well as 15 additional companies thought to be controlled by the Islamic Revolutionary Guards Corps and three under the control of the Islamic Republic of Iran Shipping Lines.

The new proposals will be discussed by senior EU diplomats on Thursday and if approved will likely represent a significant economic squeeze on Tehran.

Security analysts said the new proposals were tough, substantial measures, in particular prohibitions on investment in and transfer of equipment and technology to the oil and gas sector, as also, prohibitions on various financial services, including provision of insurance and reinsurance.

Even as European Union leaders agreed last week to tighten measures against Iran, as part of a two-pronged strategy to try to deal with Tehran's nuclear program, the EU's foreign policy chief, Catherine Ashton, also made it clear that she was ready to engage Iran's chief negotiator, Saeed Jalili in talks.