VIENNA, May 19: The European Union (EU) is ready to help Iran build several light-water nuclear reactors and set up a nuclear fuel bank if Tehran stops enriching uranium, according to a copy of a draft proposal seen on Friday.

Russia would enrich uranium for Iran in a partnership. The proposal by Britain, France and Germany also says the West is ready to help work toward guarantees on regional ‘territorial integrity and political sovereignty’.

But it lists 15 targeted sanctions for the UN Security Council to select from if Iran does not comply.

They include six sanctions described as ‘measures targeted against Iran’s nuclear and missile programs’, including:

— an ‘embargo on export of goods and technologies relevant to these programmes’

— a ‘ban on Iranians from studying abroad disciplines related to nuclear and missile development’.

There are also nine “political and economic measures” that include:

— ‘visa/travel ban on selected high-ranking officials and personalities’

— a freeze of assets of individuals and organisations connected to or close to the regime

— an ‘arms embargo

The draft, titled ‘possible elements of a revised proposal to Iran’, affirms ‘Iran’s inalienable right to nuclear energy for peaceful purposes’.

But it says that Iran must cooperate fully with inspectors from the International Atomic Energy Agency (IAEA) and ‘suspend all enrichment-related and reprocessing activities and to continue this’ during negotiations on the nuclear program.

The EU-3 are preparing a package of trade, technology and security benefits in return for Iran guaranteeing that its nuclear program is peaceful.

The European Union and the United States want the Security Council to impose sanctions on Iran if the Islamic republic rejects this package, which the five permanent nations on the council plus Germany are to finalize at a meeting on Wednesday in London.

Iran has already rejected what is expected to be yet another call for Tehran to stop uranium enrichment, the process that can produce either fuel for nuclear power reactors or the explosive core of atom bombs.

The Security Council on March 29 had asked Iran to honour IAEA calls To suspend its enrichment work and also to cooperate fully with an over-three-year-old IAEA investigation, which is still unable to determine whether the Iranian nuclear program is peaceful or weapons-related. —AFP