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NUKE FALLOUT EU Nears Iran Oil Ban Vahid Salemi / AP Photo

EU Nears Iran Oil Ban

Consider the economic noose around Iran tightened. The European Union has reportedly neared a decision to ban oil purchases from Iran, a move to signal disapproval in the nation’s nuclear program. The new, harsher sanctions will be announced by the end of the month. The U.S. has given a thumbs up to the action, saying that to get Iran’s attention, the world needs to focus on the oil sector. Iran meanwhile, dismissed the new threats, saying that the West is incorrect in assuming it is moving toward nuclear weapons.

January 4, 2012 8:02 PM