EU approved Iran oil embargo

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Source: Reuters
The EU approved embargo on the Iranian oil as a protest to the Iranian nuclear project. The sanctions imply immediate ban on all the new oil contracts from the country, freeze of the assets of the Iran's central bank and total ban on the precious metals trade with the country's bank. Iran continues to deny that it is developing nuclear weapons and warns it will block the Strait of Hormuz. Currently, the EU imports 20% of the total Iranian oil exports.
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