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Iran threatens to act first on EU embargo

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Najmeh Bozorgmehr and Javier Blas
Financial Times
January 26, 2012

Iran has threatened to pre-empt a European embargo on its oil by halting its exports to the region immediately, a move that could hit economically weak southern European countries.

The European Union this week approved a ban on crude oil imports from Iran from July 1, a five-month delay designed to give Greece, Spain and Italy time to find alternative supplies. Athens buys about a third of all its oil supplies from Iran.

Officials in Madrid, Athens and Rome have said they would use the delay to ask other oil producers, including Saudi Arabia, Russia and Iraq, for additional supplies.

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This article was posted: Thursday, January 26, 2012 at 9:45 am

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