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Iran Bans Oil Exports To Six EU Countries - Report

iran bans oil exports to six eu countriesIran has banned oil exports to Italy, Spain, Netherlands, France, Greece and Portugal, according to a report by Fars News Agency.

The ban is in retaliation against new EU and US sanctions on Iranian oil exports and financial transactions in its banking sector.

Ambassadors from the six EU countries were summoned to Iran's foreign ministry, says the report.

In January, the European Union agreed more sanctions on Iranian crude oil imports to the EU and on gold in an initiative driven by the UK and USA and agreed at a Foreign Affairs Council meeting in Brussels. Iran continues to refuse to comply with the International Atomic Energy Agency (IAEA), said the EU in its conclusions.

UK Foreign Secretary William Hague welcomed further sanctions on Iran after relations between the two countries worsened on fears that Tehran is developing a nuclear weapons industry.

The US and UK were the main driving force behind the new round of sanctions: "Iran's recent decision to commence 20% enrichment at its underground site at Qom shows that it continues to choose a path of provocation," said Hague.

Iran has responded with threats to close the Strait of Hormuz, through which 20 percent of the world's oil supply passes and accused the West of 'psychological warfare'.

In December, Iran's Parliament voted to expel British Ambassador Dominick John Chilcott after the UK cut off banking ties with the country over concerns that its nuclear programme may have military dimensions. This followed the International Atomic Energy Agency’s (IAEA) latest report on Iran, which highlights fresh concerns about the possible military dimensions of Iran’s nuclear programme. It is the first time that the UK has used these powers to cut an entire country’s banking sector off from its financial sector.

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