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European Union Imposes Iran Oil Embargo

The European Union have formally adopted an oil embargo against Iran on Monday against its nuclear program.

EU foreign policy Chief Catherine Ashton says that the new sanctions are aimed to pressure Tehran into resuming nuclear negotiations.

Tehran have denied that it is trying to develop nuclear weapons and states that talks and not sanctions are the only way to resolve the dispute.

The EU sanctions include an immediate ban on all new oil contracts with Iran, with existing contracts only being honored until 1 July. The EU will also implement a freeze on all assets of the Iranian central bank.

Iran has recently threatened to retaliate against possible sanctions by blocking the Straits of Hormuz at the entrance to the Gulf, through which one fifth of the world’s oil shipments pass.

Meanwhile, a leading state–run Chinese newspaper warned on Monday that Moscow and Beijing were seriously concerned over US attempts to go to war with Iran.