France favors new EU sanctions against Iran involving credit, insurance

September 18, 2007 16:39

France is pushing for EU sanctions against Iran over its contested nuclear program that would target the credit, insurance and financial sectors, diplomatic officials said Tuesday. European officials have drawn up a draft text that could give the 27-member EU bloc a parallel track of sanctions against Tehran alongside an effort toward new sanctions at the United Nations, the officials said on condition of anonymity. Two UN resolutions have failed to persuade Iran to stop the nuclear program that Tehran insists is aimed at producing energy for civilian use. Many in the West fear the plan masks bomb-making ambitions.

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