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AP: EU formally adopts oil embargo against Iran, part of sanctions over Iran’s nuclear program
Source: Associated Press
EU formally adopts oil embargo against Iran, part of sanctions over Iran’s nuclear program
By Associated Press, Updated: Monday, January 23, 10:31 AM
BRUSSELS — The European Union imposed an oil embargo against Iran on Monday and froze the assets of its central bank, part of sanctions to pressure Iranian officials into resuming talks on the country’s controversial nuclear program.
The measures, approved in Brussels by the EU’s 27 foreign ministers, include an immediate embargo on new contracts for crude oil and petroleum products. Existing contracts with Iran will be allowed to run until July.
Some 80 percent of Iran’s foreign revenue comes from oil exports and any measures or sanctions taken that affect its ability to export oil could hit hard at its economy. With about 4 million barrels per day, Iran is the second largest producer in OPEC.
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Two Iranian lawmakers, meanwhile, stepped up threats that their country would close the strategic Strait of Hormuz, through which a fifth of the world’s crude flows, in retaliation for the EU oil sanctions.
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By Associated Press, Updated: Monday, January 23, 10:31 AM
BRUSSELS — The European Union imposed an oil embargo against Iran on Monday and froze the assets of its central bank, part of sanctions to pressure Iranian officials into resuming talks on the country’s controversial nuclear program.
The measures, approved in Brussels by the EU’s 27 foreign ministers, include an immediate embargo on new contracts for crude oil and petroleum products. Existing contracts with Iran will be allowed to run until July.
Some 80 percent of Iran’s foreign revenue comes from oil exports and any measures or sanctions taken that affect its ability to export oil could hit hard at its economy. With about 4 million barrels per day, Iran is the second largest producer in OPEC.
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Two Iranian lawmakers, meanwhile, stepped up threats that their country would close the strategic Strait of Hormuz, through which a fifth of the world’s crude flows, in retaliation for the EU oil sanctions.
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Read more: http://www.washingtonpost.com/world/middle-east/eu-foreign-ministers-set-to-impose-embargo-on-iranian-oil-in-effort-to-restart-nuclear-talks/2012/01/23/gIQA98DNKQ_story.html