In an effort to bring Iran to the negotiating table over its nuclear program through economic pain, both the U.S. and the European Union have imposed sanctions that should make it harder for Iran to sell its oil. But the global oil business is unpredictable, and sanctions are no guarantee.
The battle over Iran's nuclear program escalated Monday as the European Union announced an embargo on importing oil from Iran.
For years, Europe has been reluctant to join the United States in imposing tough sanctions on Iran. The United States years ago stopped buying Iranian oil, while European nations including France, Spain, Italy, and Greece kept up their purchases. European countries right now buy about 600,000 barrels of oil per day from Iran.
Originally published on Mon January 23, 2012 10:06 am
The European Union officially agreed to impose an embargo on Iranian oil, today. The AP reports that the union's 27 foreign ministers agreed on an immediate ban on new contracts for oil and existing contracts will be allowed to run through July 1.
Angelina Jolie was just 16 when the war in Bosnia began, and she acknowledges now that she paid little heed to it at the time. But as her awareness of international issues later took shape, her attention was drawn back to that Balkan conflict.
"I wanted to understand," she says. "I was so young, and I felt that this was my generation; how do I not know more?" Now, that war is the subject of In the Land of Blood and Honey, her debut film as a writer and director.