Sunday, January 22, 2012

EU Iran sanctions: Nations poised to ban Iran oil imports

At a Monday meeting in Brussels European Union foreign ministers are expected to announce a phased ban on imports of Iranian oil. This would become the latest step in EU sanctions on Iran in protest of the countries Nuclear program. Iran denies they are creating a weapons grade nuclear program and asks for talks instead of sanctions. Still, the US and Great Britain have pasts ships through the Strait of Hormuz even after Iranian threats to close access through the area.
Currently, Iran exports the majority of its oil to China however, these new sanctions could have the possibility of major impacts for Iran given that the sale of oil is the biggest supple of money for the Iranian government. Oil prices world wide have continued to rise in the wake of growing tensions between Iran, the EU and the US and with the ban of Iran oil prices will only continue to go up.
Nicole LeDonne