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Iran Threatens to Act First on EU Embargo
(Financial Times-UK) Najmeh Bozorgmehr and Javier Blas - Iran has threatened to pre-empt a European embargo on its oil by halting its exports to the region immediately, a move that could hit economically weak southern European countries. The EU this week approved a ban on crude oil imports from Iran from July 1, a five-month delay designed to give Greece, Spain and Italy time to find alternative supplies. Emad Hosseini, spokesman for the Iranian parliament's energy committee, said lawmakers in Tehran were finalizing a draft bill to stop all oil trade with Europe before the EU begins its oil embargo against Iran.