EU tightens Iran sanctions and mulls oil ban

[robertpaulsen]

Source: Reuters

(Reuters) - The European Union tightened its sanctions against Tehran on Thursday and laid out plans for a possible embargo on Iranian oil in response to mounting concerns over the OPEC producer's nuclear work.

At a meeting in Brussels, EU foreign ministers decided new sanctions on energy, transport and financial sectors should be drawn up in time for their next meeting in late January.

The measures could lead to gradual cuts in Europe's imports of Iranian crude, although some EU governments want assurances that any impact on their economies would be limited before giving their final approval, diplomats said.

"We are working on it," French Foreign Minister Alain Juppe told reporters when asked about the possibility of an oil ban. "We have to work with different partners so that the interruption of (oil) deliveries from Iran could be compensated by a rise in production in other countries."

Read more: http://www.reuters.com/article/2011/12/01/us-iran-sanctions-eu-idUSTRE7B00ME20111201