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The European Union will announce sanctions on Iran’s oil industry on Monday, banning the import of Iranian oil to the 27-member union and cutting off the source of roughly 18 percent of Iran’s oil revenue.
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Iran exports roughly 2.2 million barrels of oil a day, of which 18 percent is bound for European markets, according to the U.S. Energy Information Administration. The Iranian government gets roughly half of its revenue from oil exports.
In addition to the embargo on Iranian oil, the European Union will also restrict Iran’s trade in gold and precious metals, as well as freeze certain financial assets.
Details of the embargo are still being hammered out…
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