Iran turns tables on European embargo

Iran recently announced plans to implement its own embargo in response to the European Union's decision to ban imports from the oil-producing Middle Eastern nation, according to The Financial Times.

Iran has come under increasing pressure as much of the world has stepped up sanctions over its continued pursuit of a nuclear program that many fear could ultimately produce nuclear weapons. Of particular concern is the upcoming embargo of Iranian oil by the European Union.

But the country has adamantly refused to change its course, instead implementing a new oil policy that would instead cut off European countries in advance of the July 1 implementation date for the proposed embargo.

"Even if we do not sell one barrel of oil, we will not take one step back from our demands in the face of US [pressure]," Rostam Ghasemi, Iran's oil minister, told the Times. 

The move will likely prove largely symbolic as the country insisted it only wished to target "more hostile" nations - such as the U.K., France and Germany - that generally import little Iranian oil. 

Reuters reports that the upcoming international sanctions against Iran will certainly lead to substantial economic damage, but the country will likely be able to survive. 

The prospects for Iran's oil industry can be found at PennEnergy's Research area.

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