The European Union’s Foreign Ministers have approved new financial and trade sanctions against Iran. The new package targets Iran’s banks and gas exports.

Photograph: Virginia Mayo/AP

A Property blockade and travel ban will be applied to more organizations and individuals in the oil and gas industry according to the EU. The European Council now bans all banking transactions between Europe and Iran including those for humanitarian purposes. Sanctions against Iran’s Central Bank will be tightened and more of Iran’s export products will be banned.