Whoa! EU Agrees In Principle To Embargo Iranian Crude Oil

Of course, many of them agreed with the sanctions on Iraq, and some, like France and Germany, gave Iraq banned good. Anyhow

(Reuters) European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.

The prospective embargo by the European Union, along with tough U.S. financial measures signed into law by President Barack Obama on New Year’s Eve, form a concerted Western campaign to hold back Iran’s nuclear program.

Keep in mind that this is an agreement in principle, nothing truly formalized, but, it does send a big message to Iran, especially when countries like Greece, Spain, and Italy receive huge amounts of oil from Iran, and Greece obtains “lenient financing” for the oil purchases from Tehran.

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