The European Union has agreed to curtail oil imports from Iran and to freeze the Iranian’s central bank’s assets in a move designed to get the country back to the bargaining table regarding its nuclear development program. Existing contracts will be honored through July
While the oil embargo will hurt Iran, the asset freeze is likely to do more damage by withholding funds that could be used in the country’s nuclear program.
Italy and Greece are among the countries will existing contracts for Iranian oil. The EU has said that it will pick up any costs that Greece incurs as a result of the embargo.
Crude oil prices are rising this morning because Iran had threatened to close the Strait of Hormuz if the EU adopted this sanction plan.
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