January 24, 2012


EU to Ban Iran Oil Imports Over Nuclear Program

Ewa Krukowska and Gregory Viscusi | Bloomberg News

C. Ashton

European Union foreign ministers agreed to ban oil imports from Iran starting July 1 as part of measures to ratchet up the pressure on the Persian Gulf nation's nuclear program, the 27-nation bloc said in a statement.

The EU will freeze assets of the Iranian central bank in Europe as well as of eight other entities and ban the trade in gold, precious metals, diamonds and petrochemical products from Iran, the EU said. The names of the entities will be published by the EU tomorrow.

"Today's decisions target the sources of the finance for the nuclear program, complementing already existing sanctions," the EU said today in Brussels, adding that it has "banned imports of Iranian crude oil and petroleum products."     Full Article

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