The European Union’s Foreign Ministers have agreed to a full-fledged embargo on all imports of Iranian crude oil today. The scheme would increase restrictions until the embargo is fully in place in July.
British FM William Hague defended the move, saying Iran was enriching uranium “to 20 percent, for which there is no possible civilian explanation.” Hague, evidently, was unfamiliar with the US-built Tehran Research Reactor (TRR), which operates on fuel cells using 20 percent enriched uranium to produce medical isotopes.
The latest embargo announcement came after a false announcement earlier this month, in which French FM Alain Juppe claimed a deal was reached and other EU officials denied it a day later.
The embargo could be potentially damaging to a number of EU nations’ economies, Greece in particular, as they will have to find alternative sources of oil. A likely source will be Libya, where Italian oil company Eni has been ratcheting up output. But given increasing instability in Libya, this may not prove a secure source.
11 thoughts on “EU Agrees on ‘Gradual’ Iran Oil Embargo”
This is just outright economic terrorism that must be countered with smart retaliation from Russia, China, and the remaining BRIC nations. The EU is killing its own members, and destroying any hope of a peaceful outcome with Iran. The US government is doing the bidding of the ever criminal terrorist junta AIPAC which cares nothing about the well being of America, but wants to destroy Iran..go figure
I read that India and China will now trade oil with Iran in Gold. This eliminates the USA dollar in the world trade at least in this matter. One of the major actions in this matter is going after the Iran central banker and Iran's currency. It basically is forcing the attack on the USA dollar which will cause a really big problem for the USA. The criminal Federal REserve has been able to steal the wealth of savers by paying no interest of money diverted to the nation debt of 15 trillion but that will not be possible if the rest of the world stops using the dollar as a reserve currency. If the rest of the world does not accept dollars but has a gold standard the dollar will because the trash that the Federal reserve has created with being a partner in the thief of the national wealth by the war industry.
AIPAC and friends will revert to their usual character and get into bed with our enemies and help them in their war with us which will happen. With friends like AIPAC we need no enemies.
Like Alan Greenspan said, the US will neve default because we can print our own money! He's right. As of right now the federal reserve is the largest holder of US debt. They are the largest financier of US debt. They can continue to do that always. The fed is the backstop of the US financial system. However, the US will STILL have a MAJOR problem on its hands if china and india start dumping dollars which they have been doing for years now. They wont need to hold onto as many dollars as they used to on account of Iran not taking dollars anymore, BUT, China still imports oil from saudi arabia, which means they will still need dollars, just not as much.
So what does this all mean? It means unless the federal reserve intervenes massively and buys up all this debt, which it has the power to do, there will be a major major economic crisis this summer!
But before the Europeans reach a deal, BP has already made one. http://online.wsj.com/article/SB10001424052970203…
It's just funny that the west thinks that they can kick Iran out of the global economy and continue to have their oil tankers and carriers go on like business a usual. So naive, but actually all according to plan. The plan has always been to provoke iran into attacking.
8 years of the most blatantly false lies and its just steamrollin ahead.
i don't care what your political veiws are if you don't vote for ron paul you have blood on your hands
and its sad to say, but if ron drops out he does as well.
I think long before this plan becomes fully implemented the citizens of the European Union are going to have a very vocal say in this really stupid idea. Imagine, setting it up so that the full ban goes into place just as the people of Europe are getting ready to go on Holiday… Really?
Expect to see a radical change in leadership in some of the EU countries before this is done.
I also would not be surprised to see Russia do something major that also speeds up the death spiral of this plan. Don't know what but I don't expect them to sit idly by and watch.
But, that's just this old Curmudgeon's opinion…
wow these Israeli rats and their AIPAC controlled Kongress really know how to get the US gov't to do just what it wants!! And someone wants to tell me there is no criminal cabal twisting the arms of European leaders to hurt their own economies?? Yeah right!
maybe by july things will change. Much like things changed with that military drill that was supposed to be taking place right now. Instead that was postponed. The scary part is that it was postponed for the same time these sanctions are supposed to take hold.
Is there anybody out there that can calm my nerves and convince that war is NOT on the horizon? Because I don't see it. Can somebody help me and put me at ease?
Gerry, much of the thinking world is uneasy given the war drums that NATO-U.S. are beating.
The U.S. won't be happy until it starts dropping tactical nukes and initiates WW 3
These governments are either stupid or crazy., if not both.., they (EU-USA-Saudis-UAE)started the Libyan war and then send their thugs to Syria hoping to get the two countries oil and gas where it would compensate for the Iranian oil that they are boycotting.., yet the Libyan war has regenerated this time with a true and meaningful uprising of the Libyan people against Saudis, UAE, USA and EUs bandits. EU and US governments are costume to call their thievery and deceptions “democracy” all over the world and now in Africa.., while there is not a functioning democracy exist in EU or in USA..,. Having said that, the Oil companies laughing and slapping the face of these stupid governments thanking them for a higher Oil price which their people are paying for their stupidity.., yet it needs to be said that every place on this earth they been they have caused nothing but problem for the people…, boy they are stupid and must be crazy.
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