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The European Union says its embargo on Iranian crude oil will take effect as planned on July 1.

EU foreign ministers meeting in Luxemburg said in a statement that all contracts for importing Iranian oil will have to be terminated as of that date.

European companies will also no longer be involved in insuring Iranian oil.

EU nations imported about 14 percent of Iran's oil before the bloc decided on January 23 to embargo further purchases due to Tehran's disputed nuclear program.

The West suspects Iran of seeking to make nuclear weapons under the guise of an energy program.

Based on reporting by AP and AFP

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