Monday, January 23, 2012

Nuclear Row: Iran Faces Tough EU Oil Sanctions

Iran faces tough new sanctions from the European Union over its nuclear programme as foreign ministers meet in Brussels to discuss an oil embargo.

Diplomats are expected to agree later on phasing in an oil and financial embargo against Tehran over a period of between five and eight months.

The sanctions follow fresh financial measures signed into law by US President Barack Obama on New Year's Eve - and will mainly target the oil sector, which accounts for some 90% of exports to the EU.

The Iranians have threatened to close the Strait of Hormuz - through which 35% of the world's tanker-borne oil exports pass - in retaliation. Read More