International sanctions helped drive down Iran's oil exports nearly 45% in July, a new report showed, while Canada said on Friday it had closed its embassy in Tehran and would expel all Iranian diplomats in Canada.
The European Union began a full embargo on Iranian oil on July 1, while U.S. sanctions that took effect in July target banks that process oil payments with Iran's central bank, in a bid to push Tehran to compromise over its nuclear program. High-level international negotiations last convened in June.
A group of European countries has been working on further sanctions which could target Iran's financial and energy sectors, with a view to passing the measures next month, EU diplomats said.
Source: Wall Street Journal. Read full article. (link)