EU targets Iran oil as West rounds on nuclear drive

BRUSSELS: The EU's move to slap an embargo on Iranian oil, along with new US measures in response to Tehran's suspect nuclear drive, appeared to have an immediate effect and brought swift condemnation from Tehran.

The oil ban announced Monday, along with sanctions against Iran's central bank and other measures, came as western powers rounded on Tehran to return to negotiations amid concerns it is inching ever closer to building a nuclear bomb.

Iran denies that its nuclear programme is for military purposes and furiously denounced the unprecedented European Union measures as the United States further tightened the noose, announcing sanctions against Iran's state-owned Bank Tejarat, one of the few still accessing the international financial system.

US President Barack Obama lauded the EU move to choke Tehran's oil exports, amid evidence that sanctions are beginning to bite. (AFP)