France Seeks Quick Start to Iran Embargo
Last week European Union leaders agreed to give member nations six months to arrange for crude oil imports that did not originate in Iran. The decision meant that support for the US-led demand that Iran halt its nuclear development program…
Last week European Union leaders agreed to give member nations six months to arrange for crude oil imports that did not originate in Iran. The decision meant that support for the US-led demand that Iran halt its nuclear development program would get off to a pretty slow start.
France has now said that it wants the embargo to be delayed just three months. The EU is set to meet next Monday, January 23rd, to discuss and vote on support for the embargo. A unanimous vote of all 27 members is required in order to initiate an embargo.
Greece, Spain, and Italy, the three EU members hardest hit by debt problems, import more than 65% of their crude oil from Iran, and without exemptions from the three-month start date, are very likely not to favor the embargo.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
