On 17 March 2012, following agreement two days earlier between all 27 member states of the Council of the European Union, and the Council's subsequent ruling, the SWIFT electronic banking network, the world hub of electronic financial transactions, disconnected all Iranian banks from its international network that had been identified as institutions in breach of current EU sanctions, and that further Iranian financial institutions could be disconnected from its network. Other than above Iranian oil exports also were sanctioned by European Union. Some of the restrictions are mentioned below-
restrictions on admission of certain persons
freezing of funds and economic resources
embargo on telecommunications monitoring and interception equipment
embargo on equipment which might be used for internal repression
vigilance requirements for EU financial institutions in their activities with banks domiciled in Iran and their branches and subsidiaries
ban on certain Iranian investment (nuclear industry)
monitoring of activities of EU branches and subsidiaries of credit and financial institutions domiciled in Iran
enhanced vigilance as regards transactions of EU financial institutions with credit and financial institutions domiciled in Iran and with the latter’s branches and subsidiaries
