The Euro zone threats is now in a full force to covering Iran under its impact as Belgium, the Czech Republic and the Netherlands have stopped buying Iranian oil and Greece, Spain and Italy are cutting back on their purchases.
The main fact behind this is due to US sanctions regime against Iran that menaced Iran with a virtual embargo of its economy. US push the sanctions because it fears Iran might use its nuclear programme to develop nuclear weapons.
It declared that any financial institutions that deal with Iran’s central bank will punish, shutting them out of U.S. markets. A country can earn a waiver from the sanctions if it significantly reduces trade with Iran.
And for winning waivers from U.S. sanctions, Iran’s third largest customer Japan along with China is also ready to cut off oil imports from Tehran. Read more
