BREAKING NEWS

EU moves towards agreement on details of Iran oil embargo

By REUTERS

JANUARY 12, 2012 11:44

BRUSSELS - EU states drawing up details of an oil embargo on Iran have given wide backing to a proposal to allow European entities to continue to receive repayments in oil for debts they are currently owed by Iranian firms, EU diplomats said.

The 27 states are also working towards a phased implementation of a ban on imports of oil and petrochemical products from Iran. One diplomat said a consensus was emerging that the oil import ban should come into force after six months and the petrochemical product ban after three - similar to provisions in US legislation.

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