EU Shuts Out Iranian Oil Imports Amid Nuclear Concerns

Law360, New York (January 23, 2012, 3:17 PM EST) -- The European Union’s foreign ministers on Monday imposed a new round of sanctions against Iran, banning crude oil imports and freezing the country’s assets amid concerns over the potential military dimensions of Iran’s nuclear program.

Citing “serious and deepening concerns” over the Iranian nuclear program, the Council of the European Union announced it was putting in place an embargo on Iranian crude oil and petroleum products, but said it would allow for contracts already in place to continue until July. 

“Iran’s acceleration of enrichment activities is...
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