The EU sanctions on the imports of Iranian oil entered into force on July 1. The decision on the embargo was adopted by diplomatic representatives of EU member states on January 23. However, the decision was later postponed so that Greece, Spain and Italy could have time to find alternative sources of fuel supplies, reports BFM.RU.
The agreement provides that crude oil imports into the territory of EU member states are banned completely from July 1. In addition, in accordance with the new sanctions, EU members will cease to enter into new contracts for the supply of oil from Iran. At the same time the existing contracts will be executed until the middle of 2012, says Rosbalt.
The reason for the introduction of sanctions remains the same. It is Iran's nuclear program, which Western countries see as an attempt of the Islamic Republic to create nuclear weapons, rather than develop peaceful technologies. The agreement on the embargo was ratified on June 25. South Korea joined the EU's initiative as well.
According to representatives of the European Union, Tehran, having lost the oil imports money, would be forced to cut investment in its nuclear program. However, representatives of the Islamic Republic claim that such statements will not affect the development of the nuclear program.