EU ambassadors have agreed to slap an embargo on Iran's oil exports in a bid to halt the country's nuclear program. The decision must now get formal approval from the EU's foreign ministers.
"The principal agreement on the ban for the Iranian oil imports was reached," news agencies quoted an unnamed diplomat in Brussels as saying.
Sources in Brussels reported that the sanctions would introduce a gradual ban on buying Iranian oil and petrochemicals, and that EU members would have to halt imports completely by July 1, 2012. Foreign ministers of the 27 EU member states are meeting in Brussels on Monday to further discuss the sanctions and their ratification. FULL STORY
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