Iranian Lawmakers to Debate Halt of Oil Sales to Europe as EU Sets Embargo

Published: Jan 27, 2012

By Caroline Alexander - Jan 27, 2012

Iranian lawmakers will debate a bill requiring an immediate halt of Iran’s oil exports to Europe, the state-run Fars news agency said, in a response to a European Union ban on importing on Iranian crude that is to start in July.

“On Sunday, the parliament will have to approve a ‘double emergency’ bill calling for a halt in the export of Iranian oil to Europe starting next week,” Fars quoted the vice-chairman of the parliament’s National Security and Foreign Policy Commission, Hossein Ibrahimi, as saying today.

The EU agreed on Jan. 23 to ban oil imports from Iran from July 1 as part of measures to ratchet up pressure on the country’s nuclear program. Iran’s Oil Ministry has played down the effects of the measure on its economy, saying the move may lead to “heavy economic loss and damages” for Europe and that it has “no concerns” about finding new customers.

Europe, collectively the second-biggest buyer of Iranian oil after China, imported 450,000 barrels a day of the nation’s crude in the first half of last year, U.S. Energy Department data show.

To contact the reporter on this story: Caroline Alexander in London at calexander1@bloomberg.net