THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

June 2012

EU maintains stance on Iran oil embargo

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At the time of writing, the nations of the Permanent Members of the UN Security Council + Germany (the ‘P5’), are meeting with Iranian negotiators in Moscow to discuss Iran’s uranium enrichment programme. Early signs of an agreement, according to reports, are not positive: Iran wants the P5 to begin rolling back sanctions; the P5 wants a commitment from Iran not to enrich beyond 20% – neither side looks like budging. One of the many groups watching the negotiations closely is the world’s oil traders. On 1 July, the EU is due to schedule a full embargo on Iranian oil...

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