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Friday, 28 October 2016


EU has approved embargo on Iranian oil

2012-01-23 17:28

At a meeting in Brussels on Monday, representatives of the Ministries of Foreign Affairs of 27 EU countries agreed on a decision to impose an embargo on oil supplies from Iran, Agence France Presse reported citing diplomatic sources.

"The principle agreement to impose an oil embargo against Iran reached", according to the source. According to the diplomat, it is expected that a formal final decision on sanctions will be agreed later on Monday at the meeting of heads of diplomatic missions of the EU countries.

Earlier, diplomatic sources in Brussels told that the new package of sanctions provides the introduction of a phased ban on imports of Iranian crude oil and petroleum products to the EU, it is expected that all members of the EU who buy oil from Tehran will be required to fully stop imports from that country by July 1.

The main share of European imports of Iranian oil, about 68%, falls on Greece, Italy and Spain. In Greece, the share of consumption of "black gold" from Iran is 35%.

In addition, it is expected that under the new sanctions, at a meeting on Monday, the EU foreign ministers will decide on the introduction of restrictive measures in respect of financial transactions with the National Bank of Iran to prevent a transaction relating to the financing its nuclear program.

The reason for imposing new sanctions against Iran is the fact that Tehran, in the opinion of the European Union, is still unwilling to cooperate with the international community on the issues related to the development of its nuclear program.

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