Greece wants ‘eased’ ban on Iran oil
Press TV – January 22, 2012
The government of Greece has submitted its request to the European Union to ease the forthcoming ban on importing Iran’s oil by EU member states.
The EU decision to ban Iran’s oil imports comes after US President Barack Obama signed into law on December 31, 2011, new sanctions which aim to penalize other countries for dealing with Iran’s Central Bank or importing the country’s crude oil, Antiwar website reported.
The EU is expected to hold its summit meeting on Monday, January 23, to make a final decision on proposed embargo on Iran’s oil exports.
EU representatives failed in their latest meeting in Brussels on Thursday to reach an agreement on the details of a planned embargo on Iran’s oil exports and a final decision on the ban is to be raised at the meeting of EU foreign ministers on Monday.
The EU members, however, remain divided over several issues, primarily the length of a planned grace period that would allow states heavily dependent on Iranian oil to fulfill existing contracts for a period after the ban went into place.
Some EU members are seeking grace periods of between one and 12 months to allow them to find alternative supplies. Greece, which depends heavily on Iranian crude, is pushing for the longest delay while Britain, France, the Netherlands and Germany say they need a maximum period of three months.
EU governments will be prohibited from making new contracts with Iran from the time the embargo is imposed, but can purchase crude previously contracted. This exemption will end on July 1, 2012.
EU countries buy about 500,000 barrels per day of Iran’s oil, making the Union one of the largest markets for Iranian crude.
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