EU ban on Iran oil imports draws ever closer
Reports in the media suggest that the European Union may ban Iranian oil imports Reports in the media suggest that the European Union may ban Iranian oil imports from 1 July 2012. It is felt that the July deadline will give Member States the time to terminate existing contracts in accordance with the proposal made by the Danish Presidency on 15 January. Once the embargo is in place, Member States would have until the end of June to fulfil existing contracts with Tehran and will have to cease all imports from July onwards. No new contracts will be authorised before the July deadline.Speaking to Reuters, European diplomats said that the EU Presidency intends to finalise discussions at the next meeting of EU foreign affairs ministers on 23 January, so that the agreement can be officially put into place in the days that follow.According to one European source, though, no agreement has yet been reached. Greece, for example, is very dependent upon Iranian oil and has not yet given its agreement because it is still seeking alternative supply sources. Spain, too, is very dependent on Iranian oil but according to a US diplomat based in Spain, the country would still approve ...
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