
BRUSSELS, June 26 (UPI) -- Contracts and insurance for Iranian oil will no longer be valid under terms of sanctions as of July 1, the European government said.
The European Union in January passed sanctions targeting Iran's oil sector. The Council of the European Union said the sanctions will go into force as planned starting Sunday.
"Contracts for importing Iranian oil that were concluded before 23 January will have to be terminated by 1 July," the statement read. "From the same date, EU insurers may no more provide third-party liability and environmental liability insurance for the transport of Iranian oil."
The sanctions are meant as punishment for Iran's nuclear program. International delegates met with Iranian officials in Istanbul, Baghdad and Moscow to get assurances that the program was peaceful. The most recent talks in Moscow ended with few developments.
Governments potentially affected by European sanctions had since January to make preparations for an embargo of Iranian crude. The IEA has said oil markets are well-supplied as Saudi Arabia, among others, has sought to provide assurances to some of Iran's customers.
|
|
|
|
|
|
| Additional Energy Resources Stories | |
WARSAW, Poland, Oct. 7 (UPI) --
Continuing a recent pattern, Russia has again raised questions about the quality of meat from Poland despite assurances it has not launched a trade war.
|
BRASILIA, Brazil, Oct. 5 (UPI) --
Bradar, a company controlled by Embraer Defense & Security, is to map areas in Brazil subject to natural disasters and monitor environmental preservation areas.
|
Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
|
Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
|
| Stories | Photos | Comments |
View Caption