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Exclusive: EU agrees embargo on Iranian crude
Reuters ^

Posted on 01/04/2012 10:49:25 AM PST by Sub-Driver

Exclusive: EU agrees to embargo on Iranian crude Photo 1:30pm EST

By Justyna Pawlak and Parisa Hafezi

BRUSSELS/TEHRAN (Reuters) - European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.

The prospective embargo by the European Union, along with tough U.S. financial measures signed into law by President Barack Obama on New Year's Eve, form a concerted Western campaign to hold back Iran's nuclear program.

Iran says the program is strictly non-military, but Western countries say a November U.N. report shows it has sought to build an atomic bomb. Talks between Tehran and major powers broke down a year ago.

Diplomats said EU envoys held talks on Iran in the last days of December, and that any objections to an oil embargo had been dropped - notably from crisis-hit Greece which gets a third of its oil from Iran, relying on Tehran's lenient financing. Spain and Italy are also big buyers.

"A lot of progress has been made," one EU diplomat said, speaking on condition of anonymity. "The principle of an oil embargo is agreed. It is not being debated any more."

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News
KEYWORDS: energy; euembargoiranoil; iran; iranoilembargo; oilembargo; straitofhormuz

1 posted on 01/04/2012 10:49:30 AM PST by Sub-Driver
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To: Sub-Driver

We’ll see... Seems like too little too late.


2 posted on 01/04/2012 10:53:12 AM PST by DB
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To: Sub-Driver

What’s to stop China from buying it all?


3 posted on 01/04/2012 10:58:59 AM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Sub-Driver

More oil for China.


4 posted on 01/04/2012 11:03:44 AM PST by green iguana
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To: Sub-Driver

The ragheads are not gonna like this...


5 posted on 01/04/2012 11:45:21 AM PST by Eric in the Ozarks (Gimme that old time fossil fuel.)
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To: DuncanWaring
What’s to stop China from buying it all?

China might do that now that they might get a better deal. -Tom

But the new U.S. sanctions have already made it difficult for Iran to keep its customers, and could force it to offer steep discounts to countries willing to risk doing business with it, hurting its revenues.

Biggest trading partner China, driving a hard bargain, has cut its orders of Iranian oil by more than half this month.

6 posted on 01/04/2012 11:50:19 AM PST by Capt. Tom
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To: Sub-Driver

Leading up to our little war with Iraq, there too was a trade embargo in place.
Our major trading partners like france and germany it later was PROVEn were not really honoring said embargo.Not while money was to be made.
Same here, France, Germany, Etc. etc. will continue dealing with Iran.


7 posted on 01/04/2012 11:50:25 AM PST by Joe Boucher ((FUBO) You'd be mad as hell to if you were married to that wookie bitch little fag that he is)
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To: Eric in the Ozarks

Which ragheads?


8 posted on 01/04/2012 12:02:39 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Sub-Driver

At some point in the not too far future Iran will either have a revolution or start a war. They’re at the point where they have nothing to loose.


9 posted on 01/04/2012 12:03:00 PM PST by I Shall Endure
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To: Ernest_at_the_Beach

Iranian ragheads.


10 posted on 01/04/2012 12:06:34 PM PST by Eric in the Ozarks (Gimme that old time fossil fuel.)
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To: Joe Boucher; Marine_Uncle; SunkenCiv; blam; NormsRevenge; SierraWasp; TigersEye; GeronL; ...
With Europe's economy slowing down they can probably get the volume they need from Libya, Africa and Brazil.
11 posted on 01/04/2012 12:09:48 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Sub-Driver; SeekAndFind
Related thread:

Iran: We’ll stop the flow of Gulf oil if sanctions are imposed (Threatens to close Hormuz)

12 posted on 01/04/2012 12:19:49 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Eric in the Ozarks

See link at #12.


13 posted on 01/04/2012 12:21:03 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

With Europe’s economy slowing down they can probably get the volume they need from Libya, Africa and Brazil.
~~~~~~~~~~~~~~~~~~~~~~

Not to mention the USA. The economy is so bad, even WE are exporting oil now.


14 posted on 01/04/2012 12:27:26 PM PST by mamelukesabre
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To: Sub-Driver; jhpigott
There's a lot of daylight between "agreement in principle" and a real embargo.

I expect the EU to play both sides of this fence and to agree with Tehran as soon as the Mad Mullahs offer new talks.

UNLESS the Iranians are actually dumb enough to go the belligerent route.

15 posted on 01/04/2012 1:58:43 PM PST by Mariner (War Criminal #18)
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To: Ernest_at_the_Beach

Yes and still the french and germans and probably the greeks, swiss, poles etc will still broker behind the scene deals


16 posted on 01/04/2012 3:18:33 PM PST by Joe Boucher ((FUBO) You'd be mad as hell to if you were married to that wookie bitch little fag that he is)
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To: I Shall Endure
At some point in the not too far future Iran will either have a revolution or start a war.

What can we do to help?

17 posted on 01/04/2012 3:33:46 PM PST by ROCKLOBSTER ( Celebrate Republicans Freed the Slaves Month.)
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To: Ernest_at_the_Beach
RE: "With Europe's economy slowing down they can probably get the volume they need from Libya, Africa and Brazil."
Perhaps add USA and Canada and Saudi Arabia to the mix.
18 posted on 01/04/2012 4:20:29 PM PST by Marine_Uncle (Honor must be earned.)
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To: gleeaikin; Ernest_at_the_Beach; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ...

Thanks Ernest.

China calls Iran’s bluff in oil price showdown
South China Morning Post | December 21, 2011 | South China Morning Post
Posted on 12/21/2011 1:48:46 PM PST by PGR88
http://www.freerepublic.com/focus/chat/2823450/posts


19 posted on 01/04/2012 7:02:24 PM PST by SunkenCiv (Merry Christmas, Happy New Year! May 2013 be even Happier!)
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