EU governments began a process to approve a ban on Iranian oil imports. They believe, that, along with the US effort, this will pressure Iran which has been in the midst of a nuclear weapons build up.
Some of the EU region’s officials worry that the action will drive up oil prices and harm the sputtering recovery of the world’s economy.
The effects of the EU action may not mean much for now.
Diplomats said EU governments plan to return to the issue of oil sanctions in May to review the impact of the ban and its economic impact on their economies.
The review could potentially affect the date when the full ban takes effect, diplomats said. Under the current plan, EU governments will no longer be able to extend new contracts to buy Iranian crude when the ban takes effect in the coming days. But they will be able to fulfil existing contracts until July.
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