European Union sets embargo on Iranian oil

The European Union has approved an oil embargo on Iran as part of further sanctions imposed on the country. Al-Jazeera reports EU officials supporting the sanctions at a meeting in Brussels Monday. US pressure on the EU also led to sanctions on Iran’s central bank.

The move puts pressure on Iran to continue negotiations amid fears of the country’s development of nuclear weapons.

Iran criticized the decision calling it “unfair” and “doomed to fail”. Iran exports 18% of its oil to the European Union, the second biggest importer.

With Iranian oil under long-term contracts in the EU, the embargo will only be enforced on July 1.