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Oil Embargo Against Iran Given the Green Light

Iran Oil Imports Banned by EU
By: Leonard Carl
Published: January 23rd, 2012 in News » World
During a meeting in Brussels held on January 23, the European Union (EU) approved an oil embargo against Iran.

The sanctions, given the go-ahead by the EU’s 27 foreign ministers in response to Iran’s controversial nuclear program, will effect on new contracts with Iran for crude oil and petroleum products and will see 22 people and eight firms added to the list. Meanwhile, existing contracts will be allowed to run until July.

Currently, the EU imports approximately 600,000 barrels of Iranian crude a day, according to the International Energy Agency.

Calling the move “an unprecedented set of sanctions,” British Foreign Secretary William Hague said, "I think this shows the resolve of the European Union on this issue."

These new E.U. sanctions against Iran follow financial sanctions made by the United States when, on the last day of 2011, United States President Barack Obama imposed sanctions on parties doing business with Iran's financial and/or energy sectors.

Following in Obama’s footsteps, the European Union’s new set of sanctions also include freezing the assets of Iran’s central bank.

Tehran, meanwhile, continues to claim that it is not working on the development of nuclear weapons and insists that talks - not sanctions - are what is necessary.

Related articles: Brussels, EU, Oil Embargo, Iran, Green Light, Nuclear, William Hague, Obama, United States
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