The European Union is considering tough new sanctions against Iran to protest its nuclear program, including banning investment in the oil and gas sector and tightening restrictions on shipping and finance, The New York Times reports.

The new measures, which are subject to agreement by European Union foreign ministers, cover dozens of senior Iranian officials and companies, and aim to put new pressure on the government in Tehran by cutting off Europe’s investment in major sectors of the Iranian economy.

A draft of the proposed new measures names 41 Iranian people, 57 companies or other entities, 15 additional companies thought to be controlled by the Islamic Revolutionary Guards Corps and three deemed to be under the control of the Islamic Republic of Iran Shipping Lines.

Senior European diplomats will discuss the proposed sanctions on Thursday. If approved, they are likely to represent a significant tightening of Europe’s economic pressure on Tehran.

Read the entire story at nytimes.com