Jan
23

EU Bans Iranian Oil Imports Commencing Today

Posted by Ruaidhri Horan / Monday, 23rd January 2012 / 0 Comments
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Iranian Oil StackThe EU has joined forces with the US in banning imports of Iranian oil in response to Iran’s continuing nuclear development programme. In December, the United States imposed huge financial sanctions on Iran, with huge entities being imposed on any US entity that has dealings with the Iranian central bank.

The EU embargo on new contracts for crude oil and petroleum products will commence immediately. In response politicians in Iran have threatened to block the Strait of Hormuz, cutting off a gateway for the Arab states crude oil exports, causing chaos in supply chains globally.

After China the EU is Iran’s largest importer…

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