BREAKING NEWS

Russia warns EU Iran oil embargo will be costly

By REUTERS

APRIL 28, 2012 00:04

MOSCOW - Russia pressed its case against new sanctions over Iran's nuclear program on Friday, saying an European Union ban on purchasing Iranian oil would end up hurting the bloc's member countries.

"The European Union is rejecting purchases of Iranian oil, even though very many EU countries depend on this oil," Foreign Minister Sergei Lavrov said in an interview on state-run Rossiya 24 television.

"One can say, of course, that the deficit will be covered, but (some) refineries are geared specifically to Iranian oil ... and readjusting them will demand substantial investments that the EU can hardly afford now," he said.

Russia has supported four rounds of UN Security Council sanctions over Iran's nuclear program, which Western nations fear is aimed at developing nuclear weapons and Tehran says is purely peaceful.

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