Sanctions Against Iran

Iran Sanctions Against Iran
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2012-01-31 TurkeyRussiaIndia and China have criticized the West's sanctions against Iran, on Iranian crude.

2012-01-14 Iran is under four rounds of sanctions against Iran by the UN Security Council over its refusal to abandon peaceful nuclear work which it insists only seeks peaceful purposes.

The US and European Union have imposed unilateral sanctions against Iran as well. 

The European Union agreed on a ban on imports of Iranian oil during January 2012.. 

The United States imposed additional sanctions on Iran during December 2011.

Russia and China have expressed their opposition to further sanctions on Iran, making more measures at the UN Security Council highly unlikely, 
becaise both countries have a veto there. 

Russia's Foreign Ministry has criticised the IAEA report that has sparked the latest row and said the imposition of bilateral sanctions is “fraught with the gravest consequences”. 

Russia and China have been expanding their roles in Iran's economy in recent years.

China is currently the largest buyer of Iranian crude oil.

The Iranian Foreign Ministry spokesperson has said that oil sanctions on the Islamic Republic cannot be implemented.
European Union governments agreed on 2012-01-09 to bring forward a planned meeting of foreign ministers expected to decide on an oil embargo on Iran by one week to 2012-01-23. 

Iran is the world’s fourth largest oil producer and has the second largest gas reserves in the world. 
A country with such energy wealth cannot be eliminated from the world where energy is the driving engine of countries.”

Talks of imposing sanctions on Iran’s oil industry are political games.

They say: "We will impose sanction on Iran so that the government will not get the oil revenue so that we can put the Iranian government under pressure for six months and overthrow the governing system of Iran, and we would let the oil flow again with (the help of) the system that would rise to power and would be subservient to us”.

The Iranian Foreign Ministry spokesperson has said that oil sanctions on the Islamic Republic cannot be implemented. 

European Union talks on an oil embargo on Iran are becoming bogged down over discussions on exemptions for existing supply contracts and the length of a planned phase-in period,.

Greece, Italy and Spain are trying to soften a UK push for a blanket ban, concerned that an oil-supply shock would further damage their economies already hit by the European debt crisis.

Foreign ministers from the 27 EU member states are scheduled to decide at a 2012-01-23 meeting in Brussels when to impose and how to phase in the embargo,. 
The EU said it brought forward the meeting from 2012-01-30, to avoid a clash with a leaders’ summit the same day.

The scenarios the EU is considering include imposing a ban on future Iranian crude imports that would leave existing contract shipments exempt until a later date,. 
That would protect European countries that import the most Iranian oil, such as Italy and Greece.

Another option would be to exempt Greece, which blocked an EU consensus on an embargo in December 2012, until it arranges alternative supplies. 

Greece relied on Iran for 14 percent of its oil imports in the first half of 2011. 

Eni Exemption :
The bloc is also considering exempting Eni SpA, Italy’s largest oil company, from the ban. 
Italy gets 13 percent of its imported crude from Iran, which supplied Rome-based Eni to pay off its debts.

The US tightened sanctions on Iran on 2012-12-31 and is pushing the EU to follow suit.

EU sanctions on Iran already include an embargo on equipment for the oil and natural gas industries and a ban on investment in the sector.
The bloc has also imposed restrictions on transfers of funds to and from Iran and vigilance over business with the country.