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EU agrees to ban imports of Iranian oil

01-05-2012 08:06 BJT

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EU diplomats say European governments have agreed in principle to ban imports of Iranian oil, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.

The prospective embargo by the European Union, along with tough U.S. financial measures signed into law by President Barack Obama on New Year’s Eve, form a concerted Western campaign to hold back Iran’s nuclear program.

Oil prices spiked close to eight-month highs on Wednesday as the EU moved closer to an Iran
oil embargo and Tehran warned the US to remove its naval forces from the Gulf.

Iran says the program is strictly non-military, but Western countries say a November U.N. report shows Iran has sought to build an atomic bomb.

The embargo will force Tehran to find other buyers for oil. EU countries buy about 450,000 barrels per day of Iran’s 2.6 million barrels per day in exports, making the bloc collectively the second largest market for Iranian crude after China.

 

Editor:Zhang Rui |Source: CNTV.CN

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