BREAKING NEWS

EU approves ban on Iran oil imports, central bank sanctions

By JPOST.COM STAFF, REUTERS

JANUARY 23, 2012 14:07

European Union foreign ministers approved a ban on Iranian crude oil imports on Monday, aiming to choke off Tehran's chief source of income and pressure it to hold back its disputed nuclear activities, Army Radio reported.

But to protect Europe's economy, struggling with a two-year-old debt crisis, they agreed to delay full implementation of the oil embargo until July 1, an EU diplomat said.

The ministers also approved sanctions against the central bank of Iran, although they may provide a list of specific exemptions to the restrictions.

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