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  • Iran moves toward banning oil sales to Europe

    Published on January 29, 2012

    Iranian parliament will debate and vote today on a draft bill requiring the government to immediately halt crude oil sales to Europe.

    Nasser Soudani, the deputy chairman of Iranian parliament’s energy committee said in Teheran that a draft bill in this regard in response to the bloc’s decision to ban the purchase of Iranian oil has been finalized.

    Iran’s state Television quoted him saying that as long as the EU doesn’t lift the oil embargo, not a single drop of oil will be given to it.

    The European Union imposed an oil embargo against Iran and froze the assets of its central bank on Monday.Many Iranian lawmakers and officials have called for an immediate ban on oil exports to the EU before the ban fully goes into effect in July.

    They say the 27 EU nations account for only about 18 percent of Iran’s overall oil sales and they would be hurt more by the decision than Iran.

    If parliament passes the bill to halt oil sales to Europe, the legislation must still be approved by the Guardian Council to become law.

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