European Union imposes oil embargo on Iran

international | anti-war / imperialism | other press Tuesday January 24, 2012 14:34 by pat c

Effectively the EU have declared War on Iran. Sanctions are War by other means. There is now a risk of confrontation between Iran and the Imperialists in the Gulf of Hormuz. There is only one side to be on in such a confrontation: Sink the US ships! Sink the UK ships!
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European Union (EU) foreign ministers meeting in Brussels yesterday imposed far-reaching economic sanctions on Iran, including an embargo on Iranian oil imports that will come into full force in July. The embargo is an act of economic war that heightens the danger of a slide into military hostilities in the Persian Gulf.

The EU sanctions are comprehensive, hitting every aspect of Iran’s oil industry. The 27 member countries will halt the signing of any new oil contracts with Iran immediately, and end existing ones by July 1. The ban will cover imports of crude oil, petroleum products and petrochemical products, and will extend to the export of equipment and technology to, and new investment in, Iran’s energy sector.

The EU has also targetted Iran’s central bank, freezing the bulk of its assets in Europe. There are limited exceptions to allow for what is still regarded as legitimate trade. The European measures complement legislation signed into law by President Barack Obama on December 31 providing for penalties against any company, including foreign corporations, having business dealings with Iran’s central bank. The US measures seek to block all Iranian oil sales internationally, crippling the country’s economy.