EU imposes new Iran sanctions
October 16 , 2012
The European Union has announced new sanctions against Iran over its controversial nuclear program.
Foreign ministers meeting in Luxembourg on Monday "significantly broadened EU restrictive measures" on Iranian banks, trade and gas exports.
The Council of the European Union said the new sanctions targeted Iran's nuclear and ballistic missile programs as well as government revenues allocated to them.
"They are meant to persuade Iran to engage constructively by negotiating seriously and addressing the concerns of the international community," a statement read. "The sanctions are not aimed at the Iranian people."
Iran has repeatedly maintained its nuclear program is solely for civilian purposes.
According to economic analysts, the sanctions announced by the United States and EU, as well as those imposed by the United Nations Security Council, have hit the Islamic Republic hard.
Earlier this month, riots broke out when the country’s rial currency plummeted to new lows against the dollar. The rial has shed 80 percent of its value since the start of the year.