Monday, January 23, 2012

EU Bans Iran Oil

The European Union’s 27 foreign ministers agreed today to impose an embargo on Iranian crude oil and petroleum products. The embargo on new oil contracts goes into effect immediately, but the member states are given a grace period until July 1st to honor the existing oil contracts with Iran.

The EU countries collectively are the second biggest consumers of Iranian crude and news of the embargo pushed the price of Brent crude futures to over $110 dollars a barrel.

The new sanctions ban the transfer of technology for the energy sector and new investment in and joint ventures with Iranian petrochemical entities.

EU officials also agreed to freeze the assets of the Central Bank of Iran (CBI) in EU countries and ban trade in gold and precious metals with Iran.

In addition, the sanctions bar the sale to Iran of “sensitive dual use” goods - those that can have a military or security use.


Anonymous said...

By 18 to 21% of Share of Irans exports then Europe is in no position to cause any damage.

The damage is there when the War ships of the Gang of five decides to stop Iran selling to others.

Then a war is inevitable.Iran muust only "NOT Lose" winning is no option these days for anyone anyway. Its a Media thing for the election in the US

Anonymous said...

To show you what geniuses these Mullahs are, look also at this new headline that I just read.

"India to pay gold instead of dollars for Iranian oil."

The Saudis and west loving Tehranis will continue to get worthless dollars, but the Iranian government will get gold. Trully amazing.

Anonymous said...

Iran will suffer for a while, but the EU will suffer even more..Here, we see Britain manipulating the Whole of Europe to commit economic suicide because they have a beef with Iran. While they seek waivers from the US on sanctions for their BP - deception at its finest!!

Since the sanctions will only take effect in six months time, Iran must respond immediately by suffocating the already weakening EU economy by stopping all oil exports to the EU.This is history in the making.

Let the games

Anonymous said...

What would happen if Iran stop uranium-enrichment for (example) 10 years? There is no need to tie the future of the country to the question of uranium-enrichment; Iran should rather untie that knot...

Steve said...

It's not the EU people, but the superficial, zionist controlled "EU government", who is banning Iranian oil.
In reality, most EU states simply cannot afford going without Iranian oil. In those states up to 40% of oil consumption is of Iranian origin.
If they cannot buy it anymore, oil prices will spike massively and endanger their anyway very fragile economies additionally.
Thus, forcing the EU states into sanctions is indirectly an US/zionist sabotage of European economical development and prosperity.
In principle it is an expression of HATE of the zionists against Europe, which once was nearly successful in getting rid of the zionists.

Anonymous said...

"Iran must respond immediately by suffocating the already weakening EU economy by stopping all oil exports to the EU."

That would accomplish nothing. Please do not overestimate Iran's power. It's a country of 70 million in a world of what 7 billion?

Anonymous said...

@11:36 AM

for you, this is all a game, right?

Gifted one said...

you can always count on the EU to do the right thing.

Anonymous said...

Anon 11:36 AM

Been playing to much play station lately ?

Anonymous said...

~~~~~18 to 21% of Share of Irans exports then Europe is in no position to cause any damage.~~~~~

yeah sure. all that export money that Iran won't be getting won't hurt at all.

Anonymous said...

Now i know how they will push the price up to 200USD per barell.

They will sell it by themself to EU because if you quit with iran before having new contract with other supplier so you will buy at any price!

Well see what Iran is going to do!
The Kid