Luxembourg: The European Union said that a ban on oil imports from Iran will go ahead as planned on July 1 due to the lack of progress in talks on Tehran's contested nuclear drive.
In a statement issued to the press, EU foreign ministers after a meeting in Luxembourg said that all contracts for importing Iranian oil will have to be terminated as of that date.
European companies will also no longer be involved in insuring Iranian oil, the statement informed.
EU nations imported about 14 percent of Iran's oil before the bloc decided on January 23 to embargo further purchases.
Notably, western countries suspect Iran of seeking to make nuclear weapons under the “guise of an energy program.”