EU agrees to embargo on Iran
European Union and US impose sanctions on the Islamic Republic amid fears that the country is building nuclear weapons.
Published On 23 Jan 2012
In a move that comes with plenty of risks, not just for Iran but also for eurozone countries suffering the most in the eurozone crisis, the European Union has decided to impose sanctions on the Islamic Republic.
All new contracts for crude oil and petroleum products between Iran and any of the EU’s 27 member states will be forbidden under the embargo and all existing contracts have to be suspended by June.
Keep reading
list of 4 items‘Triple spending’: Zimbabweans bear cost of changing to new ZiG currency
Boeing hit with 32 whistleblower claims, as dead worker’s case reviewed
US imposes new sanctions on Iran after attack on Israel
The US, which has imposed import sanctions on Iran since 1979, added its might behind the EU embargo on Monday by blacklisting Iran’s Bank Tejarat, its third largest, and an affiliate, Trade Capital Bank.
There will be a review of the embargo on May 1, a month before all oil contracts cease.
Al Jazeera’s Nick Spicer reports from Brussels, where the EU held on Monday a meeting that approved the embargo.
Source: Al Jazeera