Iranian oil and gas hit with EU sanctions

The European Union announced on Tuesday the imposition of sanctions against state-owned Iranian oil and gas firms in response to Tehran's ongoing nuclear ambitions.

Reuters reports
that the National Iranian Oil Company, one of the world's largest oil exporters, was on the list of over 30 companies and institutions listed by the EU as targets for asset freezing, as were the National Iranian Gas Company and the National Iranian Oil Refining and Distribution Company.

The EU sanctions follow in the wake of similar curbs imposed by the US on NIOC last month, as part of a concerted effort by Western nations to constrict Iran's oil revenues.

The purpose of the sanctions are to deter Iran from the continued pursuit of its nuclear power ambitions, and in addition to energy and resources also target Iran's industry and banking sectors, placing greater restriction on the Islamic Republic's central bank.