European Union (EU) imposed stiff sanctions on trade with Iran in a move aimed at further isolating it over the controversial nuclear program. The fresh sanctions directed against Iran's banking, shipping and industrial sectors came into effect from 22 December 2012.
These are considered to be the toughest EU measures and include bans on financial transactions, sales to Iran of shipping equipment and steel, and imports of Iranian natural gas in addition to the existing ban on import of Iranian crude oil.
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