Iran Finalized Oil-Sanctions Against EU Member States

Posted by in Economy

Iran’s parliament finalized a draft bill on cutting the country’s oil exports to European states as retaliation for the EU’s oil ban against Tehran. Fars news Agency reports that Iran will cut all oil exports to European states until they end their oil sanctions” Vice Chairman of Iran’s Parliamentary Energy Commission Nasser Soudani told the FNA. Also the draft bill contains sanctions against EU countries, by banning imports of goods from countries participating in the sanctions against Iran.

The sanxtions of Iran against the EU will have negative impact especially to those debt-ridden countries of the European South, like Greece, Portugal and Italy. Iran states that 18 percent of its oil is exported to the European union countries.

The Iranian statement did not say when the sanctions could go into effect.

See also: EU’s Emargo on Iran’s Oil to hit Greece