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The European Union on Friday decided to impose fresh sanctions on Iranian officials and entities linked to the blockade of the Strait of Hormuz, a key global shipping route for oil and gas.
The move came after Iran tightened control over the strategic waterway following US-Israeli strikes launched in February. Calling the blockade “contrary to international law”, the EU said the blockade violated international law and threatened freedom of navigation through the Strait, which handles nearly one-fifth of global oil and LNG supplies.
Under the proposed measures, the EU will be able to impose travel bans and asset freezes on individuals and organisations accused of obstructing shipping in the Strait of Hormuz. EU companies and citizens would also
be barred from providing funds or economic resources to those sanctioned.
However, the European Union has not yet named the officials or entities that could face sanctions. The bloc had earlier sanctioned Iran over alleged human rights violations, support for Russia in the Ukraine war and backing armed groups in the Middle East.
The continuing tensions around the Strait of Hormuz have disrupted global shipping and energy markets, pushing up oil prices and raising concerns over supply chains and maritime security.
EU Suspends Tariffs On Nitrogen Fertiliser Imports
The European Union has suspended tariffs on nitrogen fertiliser imports for one year as disruption in the Strait of Hormuz pushes up prices and strains global supply chains.
The measure covers nitrogen fertilisers and key raw materials, such as urea and ammonia, in a bid to ease pressure on European farmers and producers.
