Iran issued a warning Monday that the EU’s impending oil sanctions, set to go into effect July 1, will have “a negative impact” on the negotiations between Iran and the six nations currently debating the former’s nuclear ambitions. The International Energy Agency says Iranian exports have already fallen 40 percent over the past six months.
The upcoming embargo includes an EU ban on insurance coverage for oil tankers carrying Iranian oil. As such, South Korea, Iran’s fourth-largest oil market, announced that it would no longer purchase oil from Iran. This move marks the first time major Asian purchaser has halted importing Iranian oil.
Via RFE/RL.
