EU considers delay on Iran oil ban

BRUSSELS – A European Union embargo on Iranian crude oil imports could take a few months to come into effect because of a push by some EU capitals for a delay that they say is necessary to shield their debt-stricken economies, EU diplomats said on Friday.

EU capitals have agreed in principle to an embargo on Iranian oil, part of Western efforts to ratchet up pressure on Tehran over its nuclear programme. Details of how the ban would be imposed are under discussion in Brussels, with the goal of having a final decision by the end of the month.Diplomats said EU capitals have proposed what’s being called a ‘grace period’ on existing contracts of one to 12 months. Greece, which depends heavily on Iranian crude, is pushing for the longest delay, they said.Britain, France, the Netherlands and Germany want a maximum grace period of three months, the diplomats said.EU countries buy about 450 000 barrels per day (bpd) of Iran’s 2,6 million bpd in exports, making the bloc collectively the largest market for Iranian crude rivalling China.Several EU states depend heavily on Iranian supplies, raising concerns over economic costs at a time when Europe is struggling with a debt crisis. – Nampa-Reuters