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January 6, 2012 1:15 pm

EU Iranian Oil Embargo May Be Delayed Due To Economic Risks

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Italian PM Mario Monto. Photo:

Bloomberg – A European Union embargo on Iranian oil will probably be phased in to protect countries with the greatest reliance on imports from the country, according to an EU official familiar with the talks.

EU foreign ministers are likely to agree to block Iranian oil imports at a meeting in Brussels on Jan. 30, and working groups are negotiating the details of how the embargo will be imposed, said the official, who declined to be identified because the talks are private.

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