The Impact Of EU's Sanctions Against Iran

Law360, New York (July 18, 2012, 1:00 PM EDT) -- Not a drop of Iranian oil or petroleum can now be brought into the European Union legally. The European ban on imports from the world’s third-largest oil exporter — which was agreed at the end of January to put pressure on Tehran, Iran, to suspend its nuclear program — came into effect on Sunday, July 1.

The ban extends the measures already applied to the petrochemical sector, and as a result, the EU will be foregoing access to around 600,000 barrels of Iranian crude per day....
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