Search Site

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.

Aramco-Horse Powertrain deal completed

An agreement for the purchase of 10% equity stake was signed in June 2024.

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Iran slams new EU, UK sanctions as unjustified: foreign ministry

New sanctions were imposed by the European Union and Britain against Tehran over its support for Russia's war on Ukraine.(AFP File Photo)
  • Sanctions also included the national airline, Iran Air, for transporting ballistic missiles and military supplies to Russia
  • Iran's economy suffers from US sanctions following the unilateral US withdrawal in 2018 from a landmark nuclear deal

Iran’s foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its support for Russia’s war on Ukraine.

“While the president of Ukraine has admitted that no Iranian ballistic missiles have been exported to Russia, the measures of the European Union and United Kingdom in applying sanctions against Iran cannot be justified,” ministry spokesman Esmaeil Baghaei said in a statement.

The European Union and Britain on Monday widened sanctions against Iran over its alleged support for Russia’s war on Ukraine, including targeting national seafaring company, vessels and ports used to transfer drones and missiles.

Acting in parallel, Britain also announced fresh sanctions against Iran on Monday, freezing the assets of Islamic Republic of Iran Shipping Line (IRISL).

The sanctions also included the national airline, Iran Air, for transporting ballistic missiles and military supplies to Russia for use in Ukraine.

Iran has repeatedly rejected Western accusations that it has transferred missiles or drones to Moscow for use against Kyiv.

Ahead of the new sanctions’ announcement, Iranian Foreign Minister Abbas Araghchi said Sunday the EU was using the “non-existent missile pretext” to target its shipping lines.

“There is no legal, logical or moral basis for such behaviour. If anything, it will only compel what it ostensibly seeks to prevent,” Araghchi wrote on X.

“Freedom of navigation is a basic principle of the law of the sea. When selectively applied by some, such shortsightedness usually tends to boomerang.”

Iran’s economy is already reeling from biting US sanctions following the unilateral withdrawal of Washington in 2018 from a landmark nuclear deal between Iran and world powers.

Baghaei said the new sanctions against Iran that “affect the interests and fundamental rights of Iranians, are clear examples of systematic violations of human rights”.

“The Islamic Republic of Iran will use all of the capacities of cooperation with its partners to ensure its interests and national security,” he added.