Iranian lawmakers to take up bill banning oil sales to Europe in retaliation for embargo
By Associated Press, Updated: Wednesday, January 25, 9:48 AM
TEHRAN, Iran Irans parliament will begin debating a draft bill requiring the government to immediately halt oil exports to Europe, a prominent lawmaker said Wednesday, as Tehran weighs its options following the European Unions decision to stop importing oil from the country.
The EU embargo, announced on Monday, was the latest attempt to try to pressure Iran over a nuclear program the United States and its allies argue is aimed at developing nuclear weapons but which Iran says is for purely peaceful purposes. It came just weeks after the U.S. approved, but has yet to enact, new sanctions targeting Irans Central Bank and, by extension, its ability to sell its oil.
Many Iranian lawmakers and officials have called for an immediate ban on oil exports to the European bloc before its ban fully goes into effect in July, arguing that the 27 EU nations account for only about 18 percent of Irans overall oil sales and would be hurt more by the decision than Iran. China, a key buyer of Iranian crude, has blasted the embargo.
The bill requires the government to stop selling oil to Europe before the start of European Union oil embargo against Iran, lawmaker Hasan Ghafourifard told the parliaments website, icana.ir. Debate on the bill is to begin on Sunday, he said.
more:http://www.washingtonpost.com/business/economy/ahmadinejad-approves-higher-interest-rates-to-support-iranian-currency/2012/01/25/gIQAfYmiPQ_story.html
asjr
(10,479 posts)Ghost Dog
(16,881 posts)for example, so they say.
dipsydoodle
(42,239 posts)its all of Greece's.
dipsydoodle
(42,239 posts)Expect oil to reach a more realistic price in the West.
Purveyor
(29,876 posts)TEHRAN (FNA)- Former Iranian Intelligence Minister Ali Falahian called on Tehran authorities to stop oil supply to the European Union member states before the bloc decides on banning oil imports from Iran.
Speaking to FNA on Monday, Falahian pointed to an upcoming meeting of the EU member states to decide an oil ban against Iran, and said European states need a 6-month time to find alternative sources for Iranian oil.
"The best way for us is to stop oil exports before the 6-month deadline (announced by the EU) comes to an end and the oil embargo plan comes into effect so that crude prices go up and Europeans' US-driven plans for sanctioning our country's oil fall flat," Falahian stressed.
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