Europe and U.S. Tighten Vise of Sanctions on Iran

January 23, 2012

Author: 

Stephen Castle and Alan Cowell

Publication: 

New York Times

The European Union agreed to impose a phased ban on oil purchases from Iran. E.U. countries may not sign new oil contracts with Iran and existing oil contracts must end by July 1, 2012. The ban includes imports of crude oil, petroleum products, and petrochemical products, and exports of major equipment and technology in the petroleum sector. Within the E.U., assets of Iran's Central Bank will be frozen.