NORWAY NEWS ANALYSIS THE NORDIC PAGE

Norway has been a member of the EU's sanctions regime against Iran since July 2010, which has a basis in the UN Security Council Resolution 1929.  

The sanctions are a direct consequence of the fact that Iran has not complied with orders from the UN Security Council and that they have not cooperated fully with the International Atomic Energy Agency (IAEA). The intensified measures against the country is due to serious concerns related to possible military dimensions of Iran's nuclear program. Norway also provides strong support to the ongoing international efforts to bring about a peaceful and political solution to the nuclear issue through negotiations. 

The new sanction measures involve ban on the import, sale and transportation of crude oil and petroleum products from Iran  from 1 July 2012. The same prohibition applies for petrochemical products from 1 May 2012. Moreover, there will be prohibition against transactions with the Central Bank and other financial institutions, ban on trade of gold and sensitive technological equipment, and listing of additional devices connected to Iran's nuclear program.