The European Union is poised to ban imports of Iranian gas into Europe as part of its efforts to ratchet up pressure on the Islamic Republic over its nuclear programme, diplomats have said. Diplomats from EU member states have started preparing a package of sanctions against Iran with a goal of formally adopting them at a meeting of foreign ministers on Oct. 15 in Luxembourg. "There is agreement on gas," one of the diplomats said, speaking on condition of anonymity. "The big states back it, Germany, Britain, France," another one said. More from Arabian Business A leading Lebanese banker has said he expects the profits of the banking sector to plunge as much as 25 percent at the end of the year in light of the severe economic slowdown, political stalemate and volatile situation in the Middle East. “I am afraid that the profits of the local banks will
