The European Union is set to broaden its Iran sanctions to target individuals and entities obstructing navigation in the Strait of Hormuz. This strategic waterway has been largely rendered impassable for nearly two months, disrupting global energy and commodities markets, as confirmed by two EU diplomats.
The tensions began on February 28, when U.S.-Israeli military action against Iran resulted in Tehran effectively closing the strait, which is critical for transporting about 20% of the world’s oil and liquefied natural gas. Recently, over a dozen tankers managed to pass through the strait after Iran announced it was temporarily open, but a subsequent U.S. seizure of an Iranian cargo ship jeopardized this fragile ceasefire.
According to one diplomat, there was a consensus among ambassadors to amend the sanctions criteria to include those hampering freedom of navigation in the strait. The European External Action Service is expected to take several weeks to prepare the necessary new listings, while the European Commission oversees broader sector-wide sanctions.
The EU previously designated Iran’s Revolutionary Guards as a terrorist organization in January and listed Iranian officials for human rights abuses in March, signaling its ongoing commitment to addressing regional security issues.
Share it now
