EU discussing plan to start Iran oil ban on July 1
European Union president Denmark has proposed that EU states introduce a full embargo on the imports of Iranian crude from July 1, after ending a possible grace period for existing contracts, EU diplomats said on Tuesday, Reuters reported.
The compromise proposal aims to appease concerns by some EU governments about the economic impact of a ban on Iranian crude on their wobbly economies.
Under the plan, which has yet to win the approval of all EU capitals, EU states would have until the end of June to fulfill existing contracts but would have to cease all imports at the start of July.
EU diplomats say the aim is to finalise discussions on the details of the planned embargo by the next meeting of EU foreign ministers on Jan. 23, paving way for its introduction days after.
"The Danish presidency has made a proposal that the full embargo would start on Jul. 1. There is no agreement yet," one EU diplomat said, speaking on condition of anonymity.
The diplomat said Greece, which is heavily dependent on Iranian crude, was withholding its approval while it sought to secure alternative supplies of crude.
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