European Union announces Iranian oil ban over nuclear program concerns

[News_Editor]

European Union announces Iranian oil ban over nuclear program concerns

2012-01-24 06:21:40 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- The European Union (EU) on Monday announced broadened restrictive measures against Iran by banning crude-oil imports and a freeze on Iran's central bank assets as officials expressed 'deepening concerns' over the country's nuclear program.

The Council of the European Union confirmed the decision to ban the import, purchase and transport of Iranian crude oil and petroleum products. The ban, which includes related finance and insurance, immediately entered into force although already concluded contracts can still be executed until July 1.

In addition, the Council also banned imports of petrochemical products from Iran into the EU as well as the export of key equipment and technology for this sector to Iran. "New investment in petrochemical companies in Iran as well as joint ventures with such enterprises are also no more allowed," the Council said.

As part of the toughest sanctions yet against Iran, the Council also froze the assets of the Iranian central bank within the EU. "Trade in gold, precious metals and diamonds with Iranian public bodies and the central bank will no more be permitted, nor will the delivery of Iranian-denominated banknotes and coinage to the Iranian central bank," the Council said. "A number of additional sensitive dual-use goods may no more be sold to Iran."

International concerns regarding Iran's nuclear activities have been increasing for decades, and Monday's new sanctions add to the already existing EU sanctions. While Iran has repeatedly stated that its nuclear program is for the peaceful purpose of providing energy, many countries contend it is seeking to develop nuclear weapons.

Earlier, European Union foreign policy chief Catherine Ashton said the pressure of the sanctions are designed to make sure that Iran "takes seriously" its request to come to the table. "Iran has the opportunity to come forward not just to talk, but to have some concrete issues to talk about," Ashton said. "It is very important that it is not just about words; a meeting is not an excuse, a meeting is an opportunity and I hope that they will seize it."

Also on Monday, the International Atomic Energy Agency (IAEA) announced a senior team will visit Iran later this month to 'resolve all outstanding substantive issues.' "The Agency team is going to Iran in a constructive spirit, and we trust that Iran will work with us in that same spirit," IAEA Director General Yukiya Amano said.

-- © BNO News All rights reserved 2012-01-24

[Steely Dan]

I have some suspicion that the E.U felt obliged to do this, however the following if true renders such action meaningless and a millitary strike on Iran gets more and more inevitable..

http://www.debka.com/article/21673/

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

[GentlemanJim]

I have some suspicion that the E.U felt obliged to do this, however the following if true renders such action meaningless and a millitary strike on Iran gets more and more inevitable.. http://www.debka.com/article/21673/

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

Seems it's going to be a great day to short the markets! Keerrrching!

[nurofiend]

some meda reports saying that iran asked for india to pay for oil with yen... sign of things to come in global economics?

also russia denounced the eu decision

the Foreign Ministry said in a statement :

"This is a deeply mistaken line, as we have told our European partners more than once. Under such pressure Iran will not agree to any concessions or any changes in its policy,"

pretty logical i think.

but everyone knows it's all just games to provoke iran to act out and be the cause of a strike.. hopefully they don't take the bait.

the scariest thing about this is if there is a strike, china and russia have made clear warnings against this.

[maidu]

Such different responses to Iran and N.Korea for their N programs - compared to India and Pakistan. I can understand it to some degree. Yet a country's leaders can change their biases in a wink on an eye. In other words: currently Iran and N.Korea have somewhat belligerant foreign policies. Yet Pakistan is not a whole lot different in a general sense, and Pakistan is politically volatile, alongside its back & forth animosity with India.

In sum, if Iran is slapped with sanctions, so too should Pakistan, for similar reasons. Alternatively, let Iran develop nuclear weapons, and hope that someday all nuclear weaponed countries will decide to unilaterally disarm. Ok, wishful thinking, but not impossible.

[Credo]

I think much of this borders on the ridiculous. First, the oil will be bought by someone. Second, the march toward developing nuclear weapons by Iran and others will not be stopped. It may be slowed down, but it won't be stopped.

[GentlemanJim]

I think much of this borders on the ridiculous. First, the oil will be bought by someone. Second, the march toward developing nuclear weapons by Iran and others will not be stopped. It may be slowed down, but it won't be stopped.

And Europe has just lost a supplier who provided 20% of their oil needs. I imagine when Europe wants the supply line back, Iran will say 'ram it'! Silly politics.

[koheesti]

I think much of this borders on the ridiculous. First, the oil will be bought by someone. Second, the march toward developing nuclear weapons by Iran and others will not be stopped. It may be slowed down, but it won't be stopped.

At least the price will have gone up by the time the Iranians sell it to someone else.

And Europe has just lost a supplier who provided 20% of their oil needs. I imagine when Europe wants the supply line back, Iran will say 'ram it'! Silly politics.

Oooo, I'm sure Russia will be happy to meet the demand - then use it to get concessions from the EU over whatever. OR...maybe the EU is expecting Libya to fill the void?

[GentlemanJim]

I think much of this borders on the ridiculous. First, the oil will be bought by someone. Second, the march toward developing nuclear weapons by Iran and others will not be stopped. It may be slowed down, but it won't be stopped.

At least the price will have gone up by the time the Iranians sell it to someone else.

And Europe has just lost a supplier who provided 20% of their oil needs. I imagine when Europe wants the supply line back, Iran will say 'ram it'! Silly politics.

Oooo, I'm sure Russia will be happy to meet the demand - then use it to get concessions from the EU over whatever. OR...maybe the EU is expecting Libya to fill the void?

I think Iran may have just sealed their own fate. As far as the alleged Nuclear weapons programs go, I don't think it is a great concern of the US administration, but what is really 'war talk' is Iran about to accept Gold as it's currency for oil. The final straw with Iraq was not WMDs but Hussein signaling his intent to establish the Euro as his currency of choice for his oil. The only reason the US has such a financial grip on the worlds economies is the use of the $ for oil, take that away or diminish it and watch the decline/devastation of the dollar and the US economy. So, today, perhaps short European markets and go long on Gold!

[Exsexyman]

I have some suspicion that the E.U felt obliged to do this, however the following if true renders such action meaningless and a millitary strike on Iran gets more and more inevitable..

http://www.debka.com/article/21673/

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

Very interesting, but of course this should come as no surprise to anyone. Gaddafi was planning on doing the same in Libya. Also Saddam Hussain in Iraq, but using the Euro instead of dollars. The financiers and bankers in The West will just not stand for it. Iran's so called nuclear weapons programme, just like Iraq's non existent weapons of mass destruction, and the so called popular uprising in Libya is just a red herring. Make no mistake, the upcoming attack on Iran and the subsequent death and destruction this will cause is for the benefit of bankers and financiers in the West. And of course arms manufacturers, who also get paid in dollars not gold. They won't even be grateful either, when its all over they will carry on screwing us just like before.

[GentlemanJim]

Most amusing is that it appears that the European ban on Iranian oil will take place fully from 1st July with various contracts being phased out gradually, particularly for Greece who are heavily reliant on Iranian oil. Iran should just turn around and say . all deals off, the ban starts today, go elsewhere for your oil. That would through the ball squarely back in the face of the Eurocrats.

Also I understand that although the UK has been pushing for sanctions it has been lobbying the US for months to exempt the BP pipeline project in Iran from the sanctions LMAO! Talk about wanting your cake and eating it!

Edited January 24, 2012 by GentlemanJim

[flying]

Glad to see many know about dollars & oil & its history.

That aside I wonder if some EU countries feel bold about

claiming Iran's oil is not needed/ or to be bought.... is based

largely on their new supposed deal they set up when they overthrew rescued Libya

& installed a central bank

If so & if I were them.... I would not count unhatched chickens.

Edited January 24, 2012 by flying

[necronx99]

I think Iran may have just sealed their own fate. As far as the alleged Nuclear weapons programs go, I don't think it is a great concern of the US administration, but what is really 'war talk' is Iran about to accept Gold as it's currency for oil. The final straw with Iraq was not WMDs but Hussein signaling his intent to establish the Euro as his currency of choice for his oil. The only reason the US has such a financial grip on the worlds economies is the use of the $ for oil, take that away or diminish it and watch the decline/devastation of the dollar and the US economy. So, today, perhaps short European markets and go long on Gold!

Agree, Poo, meet Fan.

Any attempt by an oil country to break from the USD or back their currency with gold will be met by doom.

Next step futile Iranian blockade of the strait followed by massive retaliation. Elephants in the corner, Israel and..China.

probably 10 years too soon for China's liking.

[chooka]

A lot of buttons being pushed, be careful you don't push the wrong one. (both sides)

[Credo]

It sounds good, but in reality, not buying it simply shifts the markets around a little bit, and increases the cost of oil overall, which is probably good for Iran. If you want to hurt them, then cut back drastically on oil use.

[Steely Dan]

Of course it's all theatre, sanctions will never stop Iran, but have to be ticked off the list of thing to have been tried. There is another report a bit to O/T to link which states Israel believes it's too late for sanctions so may well go it alone if the U.S doesn't act. How will Obama deal with this? Perhaps encourage the E.U to stop procrastinating, but I revert, if Iran starts transacting oil in anything other than dollars history suggests what usually happens next.

[flying]

There is another report a bit to O/T to link which states Israel believes it's too late for sanctions so may well go it alone if the U.S doesn't act. How will Obama deal with this?

Well a good start would be stop the billions we give Israel per year....Then maybe sanctions...If that does not work invade them?

Seems the SOP for all others

[Credo]

I very much doubt that there are many countries that would be foolish enough to actually trade a non-perishable, precious metal for something which you use daily, will burn and is not (readily) renewable. Not unless they have finally come up with the solution to changing lead into gold.

[GentlemanJim]

Of course it's all theatre, sanctions will never stop Iran, but have to be ticked off the list of thing to have been tried. There is another report a bit to O/T to link which states Israel believes it's too late for sanctions so may well go it alone if the U.S doesn't act. How will Obama deal with this? Perhaps encourage the E.U to stop procrastinating, but I revert, if Iran starts transacting oil in anything other than dollars history suggests what usually happens next.

What do you mean by saying 'encouraging the EU to stop procrastinating'?

Israel ought to be very careful going it alone. China and Russia have serious interest in Iran.

[Steely Dan]

Of course it's all theatre, sanctions will never stop Iran, but have to be ticked off the list of thing to have been tried. There is another report a bit to O/T to link which states Israel believes it's too late for sanctions so may well go it alone if the U.S doesn't act. How will Obama deal with this? Perhaps encourage the E.U to stop procrastinating, but I revert, if Iran starts transacting oil in anything other than dollars history suggests what usually happens next.

What do you mean by saying 'encouraging the EU to stop procrastinating'?

Israel ought to be very careful going it alone. China and Russia have serious interest in Iran.

So have Israel, it's called existential interest. But the message from the E.U is being backed up with hardware, for once.

http://www.telegraph.co.uk/news/worldnews/middleeast/iran/9031392/Britain-US-and-France-send-warships-through-Strait-of-Hormuz.html

Britain, America and France delivered a pointed signal to Iran, sending six warships led by a 100,000 ton aircraft carrier through the highly sensitive waters of the Strait of Hormuz.

[Orac]

It sounds good, but in reality, not buying it simply shifts the markets around a little bit, and increases the cost of oil overall, which is probably good for Iran. If you want to hurt them, then cut back drastically on oil use.

Sanctions could have a quite detrimental effect on the not so free market in oil as the limit on demand the sanctions will put on Iranian oil will mean those that are still dealing in it will be in a far stronger negotiating position allowing the likes of China and India an economic advantage.

[flying]

So have Israel, it's called existential interest. But the message from the E.U is being backed up with hardware, for once.

How is war mongering equal to existential interest?

I like how one always cries the right to exist while stamping on others for even thinking of having what the exact same.

[Steely Dan]

So have Israel, it's called existential interest. But the message from the E.U is being backed up with hardware, for once.

How is war mongering equal to existential interest?

I like how one always cries the right to exist while stamping on others for even thinking of having what the exact same.

It is obvious that you inhabit a world where cause and effect is a one way valve exclusively dependent on the U.S/Israeli foreign policy, however if you remove the blinkers and do some research you should realize who is actually warmongering, and has been for years.

[flying]

It is obvious that you inhabit a world where cause and effect is a one way valve exclusively dependent on the U.S/Israeli foreign policy, however if you remove the blinkers and do some research you should realize who is actually warmongering, and has been for years.

Actually that is 180 degrees off....

Anyone with open unbiased eyes can see that if Israel goes it alone & attacks Iran over having what they have ....all the while,,,,,,Then to top it off Israel allows NO inspections since Nixon was president.

Yeah I agree someone has blinker but it ain't me or any thinking person who is not overcome by some over zealous support of the unsupportable.

I hope if Israel is actually stupid enough to go it alone they are properly dealt with by many.

Sadly it has all been too much for Israel to see the world vote overwhelmingly in support of Palestine Statehood...So a proper diversion will be created. But the reality is Iran has done nothing to deserve it....If one claims such via the nuke story then Israel has already been there for ages....yet...what???? NADA

Edited January 24, 2012 by flying

[Exsexyman]

The US ambassador to NATO, speaking in London yesterday said, 'The aim of these sanctions is to get Iran back to the negotiating table'. Negotiate what? The nuclear inspectors have said that Iran is unable to enrich uranium to weapons grade, even the US has reluctantly admitted this. So what are the US terms? What will make them happy? Iran in ruins perhaps? There is a pattern here, Iraq, Libya etc. The plan is for sanctions to weaken and impoverish Iran, then invade. Israel is impatient so it is demanding war now, after all, they are not paying for it so why wait? And the UK and most of the EU are yapping at their heels saying, " The US and Israel wouldn't manufacture evidence and lead us into a disastrous war AGAIN, would they? No! We would see right through that surely!"

[nurofiend]

Of course it's all theatre, sanctions will never stop Iran, but have to be ticked off the list of thing to have been tried. There is another report a bit to O/T to link which states Israel believes it's too late for sanctions so may well go it alone if the U.S doesn't act. How will Obama deal with this? Perhaps encourage the E.U to stop procrastinating, but I revert, if Iran starts transacting oil in anything other than dollars history suggests what usually happens next.

What do you mean by saying 'encouraging the EU to stop procrastinating'?

Israel ought to be very careful going it alone. China and Russia have serious interest in Iran.

So have Israel, it's called existential interest. But the message from the E.U is being backed up with hardware, for once.

http://www.telegraph...-of-Hormuz.html

Britain, America and France delivered a pointed signal to Iran, sending six warships led by a 100,000 ton aircraft carrier through the highly sensitive waters of the Strait of Hormuz.

"A western official denied this was a provocative move intended to increase the pressure on Iran"

yeah...

[maiphedmaiaroi]

some meda reports saying that iran asked for india to pay for oil with yen... sign of things to come in global economics?

also russia denounced the eu decision

the Foreign Ministry said in a statement :

"This is a deeply mistaken line, as we have told our European partners more than once. Under such pressure Iran will not agree to any concessions or any changes in its policy,"

pretty logical i think.

but everyone knows it's all just games to provoke iran to act out and be the cause of a strike.. hopefully they don't take the bait.

the scariest thing about this is if there is a strike, china and russia have made clear warnings against this.

It will most likely be a false flag by either the US or israel that will start the war.

Israel or us? same same but different eh?

[Pedzie]

I have some suspicion that the E.U felt obliged to do this, however the following if true renders such action meaningless and a millitary strike on Iran gets more and more inevitable..

http://www.debka.com/article/21673/

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

Very interesting, but of course this should come as no surprise to anyone. Gaddafi was planning on doing the same in Libya. Also Saddam Hussain in Iraq, but using the Euro instead of dollars. The financiers and bankers in The West will just not stand for it. Iran's so called nuclear weapons programme, just like Iraq's non existent weapons of mass destruction, and the so called popular uprising in Libya is just a red herring. Make no mistake, the upcoming attack on Iran and the subsequent death and destruction this will cause is for the benefit of bankers and financiers in the West. And of course arms manufacturers, who also get paid in dollars not gold. They won't even be grateful either, when its all over they will carry on screwing us just like before.

Yes it will cause lots of death and destruction, you wonder what's going through the minds of leaders in the west (not that It's really them that call the shots)

And arms companies like the Carlyle Group in the US will defo benefit from any future war(s). Funnily enough both George Bush Snr and George W Bush are major shareholders in the group !! War afterall has and always will be big business in the US, no matter who gets hurt, It's all about $

[jackr]

Most amusing is that it appears that the European ban on Iranian oil will take place fully from 1st July with various contracts being phased out gradually, particularly for Greece who are heavily reliant on Iranian oil. Iran should just turn around and say . all deals off, the ban starts today, go elsewhere for your oil. That would through the ball squarely back in the face of the Eurocrats.

They'd never do that as they'd shoot themselves right in the foot. Iran sustains itself on oil sales so unless China comes along and says 'we'll take it' (they'd need some stones), they'll have to suck it up.

I have no love for the Israeli psyche, but you can appreciate their position in this, when a nearby state publically wishes to see them flattened. To be fair, it could all do with kicking off anyhow. Good year for it, and for China-India to forgo half their populace.. think of all that spare air.

[geriatrickid]

I think much of this borders on the ridiculous. First, the oil will be bought by someone. Second, the march toward developing nuclear weapons by Iran and others will not be stopped. It may be slowed down, but it won't be stopped.

At least the price will have gone up by the time the Iranians sell it to someone else.

And Europe has just lost a supplier who provided 20% of their oil needs. I imagine when Europe wants the supply line back, Iran will say 'ram it'! Silly politics.

Oooo, I'm sure Russia will be happy to meet the demand - then use it to get concessions from the EU over whatever. OR...maybe the EU is expecting Libya to fill the void?

Bing, That is why Italy and Germany asked that the sanctions not take effect until july 1.