European Union adopts oil embargo against Iran over nuclear program
The EU has agreed to ban Iranian crude oil imports as the Western world turns up the pressure on Tehran to halt its nuclear activities.
(BBC NEWS) London - The sanctions involve an immediate ban on all new oil contracts with Iran, while existing contracts will be honoured until 1 July.
Tehran denies that it is trying to develop nuclear weapons and says talks and not sanctions are the only way to resolve the dispute.
The EU currently buys around 20% of Iran's oil exports.