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Iran Warns Of EU Oil Embargo On Nuclear Talks


Foreign Ministry spokesman Ramin Mehmanparast

Foreign Ministry spokesman Ramin Mehmanparast

Iran is warning that a European Union embargo on Iranian oil exports will have "a negative impact" on Tehran's negotiations with world powers over its nuclear program.

Foreign Ministry spokesman Ramin Mehmanparast issued the threat on June 26, just days before the EU embargo is due to come into effect on July 1.

The statement also follows last week's negotiations in Moscow between Iran and six world powers, which failed to result in a breakthrough on the Iranian nuclear dispute.

With countries facing EU and U.S. pressure to halt Iranian oil imports, the International Energy Agency says Iranian exports have plummeted some 40 percent in the past six months, to 1.5 million barrels per day.

South Korea has said that imports of Iranian crude oil would be halted from July 1 due to a European Union ban on insurance coverage of tankers carrying Iranian crude.

The announcement, in a joint statement from the economy, finance, and foreign affairs ministries, makes South Korea the first of Iran's major Asian customers to halt oil purchases.

The world's tanker fleet is covered by Western-based protection and indemnity clubs, which insure against personal injury and environmental clean-up claims.

Based on reporting by AP, AFP, Reuters, and Yonhap
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