EU agrees to embargo on Iran | News | Al Jazeera

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.

    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.

    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


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    America's Guns: Secret Pipeline to Syria

    America's Guns: Secret Pipeline to Syria

    How has the international arms trade exacerbated conflict in the Middle East? People and Power investigates.

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.