The European Union has agreed an immediate embargo on new oil contracts with Iran while existing contracts will be allowed to run until July, in order to pressure Iran over its nuclear ambitions.
The EU will also freeze assets in Europe of the Central Bank of Iran and eight other entities and ban trade in gold, precious metals, diamonds and petrochemical products from Iran.
It is always uncomfortable writing about Iran when sat in the UAE even from a business perspective. But local business here can hardly ignore what is happening with Iran occupying islands less than 100km offshore.
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