Iran has blocked oil shipments to six EU countries.
Iran has cut oil exports to six European Union countries on Wednesday, in response to new sanctions that include a boycott of new oil contracts with the Islamic Republic.
According to Iranian state media Press TV, the six countries are the Netherlands, Spain, Italy, France, Greece and Portugal. Iran’s foreign ministry had informed the nations’ respective ambassadors about the counter-sanctions before making them public.
Iran oil minister Rostam Qassemi
“The move comes days after Iran’s oil minister, Rostam Qassemi, said Tehran could cut off oil exports to ‘hostile’ European nations as tensions rise over the Islamic Republic’s nuclear program,” reports USA Today.
The EU agreed on January 23 to impose new sanctions on Iran for the continued development of its nuclear program. The restrictions include a ban on buying oil from the country, a freeze on assets of the Central Bank of Iran within the EU, and a ban on the sale of grains, diamonds, gold and other precious metals to Iran.
The sanctions will take effect on July 1, 2012, so that EU member states can adjust to the new conditions.
Iran has said the oil embargo will not affect its economy, as it has already found new customers. Sales to the EU make 18-percent of Iran’s total crude exports.
US President Barack Obama signed an executive order on February 6 that freezes all all property belonging to the Government and Central Bank of Iran, and all other Iranian financial institutions.
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