Iranian lawmakers to take up bill banning oil sales to Europe in retaliation for embargo

By Associated Press, Updated: Wednesday, January 25, 9:48 AM


TEHRAN, Iran — Iran’s parliament will begin debating a draft bill requiring the government to immediately halt oil exports to Europe, a prominent lawmaker said Wednesday, as Tehran weighs its options following the European Union’s decision to stop importing oil from the country.

The EU embargo, announced on Monday, was the latest attempt to try to pressure Iran over a nuclear program the United States and its allies argue is aimed at developing nuclear weapons but which Iran says is for purely peaceful purposes. It came just weeks after the U.S. approved, but has yet to enact, new sanctions targeting Iran’s Central Bank and, by extension, its ability to sell its oil.

Many Iranian lawmakers and officials have called for an immediate ban on oil exports to the European bloc before its ban fully goes into effect in July, arguing that the 27 EU nations account for only about 18 percent of Iran’s overall oil sales and would be hurt more by the decision than Iran. China, a key buyer of Iranian crude, has blasted the embargo.

“The bill requires the government to stop selling oil to Europe before the start of European Union oil embargo against Iran,” lawmaker Hasan Ghafourifard told the parliament’s website, icana.ir. Debate on the bill is to begin on Sunday, he said.

more:http://www.washingtonpost.com/business/economy/ahmadinejad-approves-higher-interest-rates-to-support-iranian-currency/2012/01/25/gIQAfYmiPQ_story.html