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July 22, 2014 / 24 Tammuz, 5774
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UPDATE: EU Approves Oil Embargo on Iran

The European Union’s 27 foreign ministers have approved an embargo on Iranian oil exports.

Under the plan, EU states will impose an immediate ban on new contracts with Iran for oil and petro-chemical products, and existing contracts must terminate by July 1.

Iran exports 20% of its oil to EU states.

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