Brazil's new rules on import finance angered its Mercosur trade partners.

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And on Tuesday, Brazilian Finance Minister announced new import tariffs for around 100 products.

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Food companies are the latest target: Pedro Malan, the finance minister, has threatened to cut import barriers if food prices continue to rise.

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So during the financial crisis, as trade finance dried up, the Export-Import Bank lived up to its mission and stepped up to fill the void.

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The EU said the sanctions prohibit the import, purchase and transport of Iranian crude oil and petroleum products as well as related finance and insurance.

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Informal talks between finance ministers have taken place to try to solve some early problems regarding removal of import tariffs.

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