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January 23, 2012 8:16 am

European Union Joins U.S. on Iran Oil Embargo

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British Foreign Secretary William Hague. Photo: wiki commons.

LA Times – LONDON – The European Union formally approved an embargo on Iranian oil Monday to punish the regime in Tehran for its nuclear program.

The boycott takes effect immediately, canceling any new or proposed oil contracts between EU countries and Iran. Existing contracts can run through the end of June but then must be suspended.

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