Iran nuclear crisis: EU moves towards crude oil ban
04-Jan-2012 (3 comments)

EU member states have agreed in principle to ban imports of Iranian crude oil to put pressure on the country over its nuclear programme.

The move is expected to be announced formally at an EU foreign ministers' meeting at the end of January. The US, which recently imposed fresh sanctions on Iran, welcomed the news.

Iran has dismissed the threat of new sanctions and denies Western claims that it is trying to develop a nuclear weapons programme. Iran has also denied that a record low of its currency this week was linked to punitive US measures against its banks.

Oil prices on international markets rose on news of the EU agreement.

"We have an [EU] foreign ministers' meeting on January 30, and on this occasion I hope we will be able to take the decision on the embargo of oil and petrol from Iran", said French Foreign Minister Alain Juppe.


EU moves to ban Iran oil

by divaneh on

Another big nail in the coffin of IRI.


Artificial Intelligence

Very Good!

by Artificial Intelligence on

The more sanctions the better!


Expect another sharp drop for Rial

by divaneh on

There will be another sharp drop in the value of the Rial tomorrow. Unfortunately for IRI, the oil resources in Iraq and Libya are now controlled by West who can use them to replace the Iranian oil exports to the Europeans.

One disappointed EU country would be Greece who was buying on credit (nesyeh mibord).