Bloomberg News

EU Won’t Discuss Iran Oil-Ban Review Next Week, Official Says

May 10, 2012

European Union foreign ministers won’t discuss at a meeting on May 14 a review of an embargo on Iranian oil that is due to come into force at the beginning of July, according to an EU official with knowledge of the matter.

At a meeting in Brussels today, EU diplomats agreed that any potential questions from a member state on exemptions for existing oil contracts and some insurance may be put forward in June, before the next ministerial meeting, said the official, who declined to be identified, quoting policy.

The EU decided in January to ban imports of oil from the Persian Gulf nation and prohibit the insurance of contracts for shipments of Iranian oil as part of measures to ratchet up the pressure on Iran’s nuclear program.

EU governments approved exemptions until July 1 for existing contracts and insurance related to them as well as for third-party liability insurance and environmental-liability insurance and agreed they could be subject to a review.

To contact the reporter on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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