Greece halts imports of Azeri oil over economic crisis
Greece has had to stop purchasing crude from Azerbaijan due to the economic crisis it is facing, Reuters reported.
The lack of bank financing forced the country to stop oil imports not only from Azerbaijan but also Russia and Kazakhstan in recent months. Banks and traders wary that Greece could fail to pay off its outstanding debt are reluctant to continue maintaining ties with it.
Traders said Athens has turned to Iran as the supplier of last resort despite rising pressure from Washington and Brussels to stifle trade as part of a campaign against Tehran's nuclear program.
Greece, with no domestic production, relies on oil imports and in 2010 imported 46 percent of its crude from Russia and 16 percent from Iran. Saudi Arabia and Kazakhstan provided 10 percent each, Libya 9 percent and Iraq 7 percent, according to data from the European Union.
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