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Posts on ‘January 24th, 2012’

Ban stops Europe majors trading Iran oil globally

Tue Jan 24, 2012 5:51pm GMT

* Total, Shell big buyers of Iranian oil

* Firms could declare force majeure in July-lawyer

* Switzerland might stall on EU sanctions

By Emma Farge

ZURICH/BRUSSELS, Jan 24 (Reuters) – The EU is banning not only imports of Iranian oil but also crude purchased by European companies, including Total and Royal Dutch Shell, for sale to non-EU destinations, lawyers and officials familiar with the terms of the sanctions told Reuters.

The European Union on Monday embargoed imports of oil from Iran and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at slowing Tehran’s nuclear development programme. read more

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