Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeYesterday at 6:02 am by Ditartyn

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeSat Mar 23, 2024 9:25 am by swizzlestick

» ZIGPLACE
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/

Go down

EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/ Empty EU readies ban on Iran oil imports, central bank sanctions/'This is really getting very, very serious now'," said one European diplomat/

Post by silkysand Sun Jan 22, 2012 10:08 pm

Sun, Jan 22 18:34 PM EST
By Justyna Pawlak

BRUSSELS (Reuters) - European Union governments are expected to agree Monday new economic sanctions against Iran over its nuclear program, including plans to phase in an oil embargo.

The sanctions follow fresh financial measures signed into law by U.S. President Barack Obama on New Year's Eve, and will mainly target the oil sector, which accounts for some 90 percent of Iranian exports to the EU. Europe is Iran's second-largest oil customer after China.

"We want them to think 'This is really getting very, very serious now'," said one European diplomat.

Western countries believe Iran is seeking nuclear bombs; Tehran says its nuclear program is to generate electricity.

Other than the oil embargo, the EU measures are also expected to include sanctions against the Iranian central bank and a ban on trading in gold with the government, diplomats say.

But EU sanctions are likely to take effect slowly. During weeks of negotiations among the EU's 27 members, Greece and other southern European states pushed hard for a lengthy grace period to limit their own economic costs.

Greece, in particular, is heavily dependent on Iranian oil -- it sources nearly a quarter of its oil imports from Iran -- and has argued that it needs time to find alternative sources.

EU foreign ministers meeting in Brussels are expected to agree to phase in the embargo, allowing existing contracts to be fulfilled for several months after the ban is imposed.

EU diplomats say the grace period will likely end on July 1, but ministers will also debate the idea of setting up a review beforehand to assess the impact and costs of the ban.

They will also reassure Athens that it will still be able to buy oil on reasonable terms after the ban goes into effect.

Greece, which relies on financial help from the EU and the International Monetary Fund to stay afloat, now gets Iranian crude on preferential financing terms.

"The financial situation of Greece at the moment is not the brightest one, and rightly they are asking us to help them find a solution," a senior EU official told reporters Friday.

With a significant part of EU purchases of Iranian oil covered by long-term contracts, the grace period will be an important factor in the efficiency of EU measures.

The unprecedented effort to take Iran's 2.6 million barrels of oil per day off international markets has kept global prices high, pushed down Iran's rial currency and caused a surge in the cost of basic goods for Iranians.

A diplomatic push is underway, officials say, to secure supplies from other producers. Saudi Arabia, the world's top producer, said this month it would increase production by about 2 million barrels per day.

http://mobile.reuters.com/article/topNews/idUSTRE80L11D20120122?irpc=932
silkysand
silkysand
VIP NewsHound
VIP NewsHound

Posts : 1645
Join date : 2011-08-09

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum