Iran is preparing to cut off trade relations with 100 European companies in response to EU sanctions.
The satellite channel Al-Alam Arabic cited an unidentified informed source on April 11, saying: “The Islamic Republic plans to react to the recent European sanctions by stopping imports from 100 European companies.”
Press TV also confirmed the news reporting: "Deputy President of Iran Trade Promotion Organization Sasan Khodaei confirmed that Iran has banned imports from 100 European companies."
In the past year, the EU has imposed sanctions on scores of Iranian officials for “committing human rights violations.” The sanctions effectively freeze all of the assets held in European countries by the specified people, which includes a spectrum of officials from Iran’s judiciary, and security forces as well as ministers and military figures. They are also banned from traveling to the EU member states.
Iran has dismissed these sanctions, saying these officials have no assets in European countries.
Meanwhile, the EU has announced that it will stop importing Iranian crude starting in July 2012. The oil embargo has been in response to Iran’s nuclear program. While Western countries claim concern about the possibility of a military component to Iran’s nuclear program, Iran insists that its nuclear activities are all peaceful.
Iran has responded to the oil embargo by cutting of Greek, Spanish and German refineries from its list of oil trade partners, saying that if these refineries are not willing to sign long-term deals with Iran, they will be cut off from any further oil exports.
The reported halting of trade with 100 European companies is Iran’s latest reaction to the European oil embargo.
Iran produces 3.5 million barrels of oil each day and exports 2.5 million barrels of that to foreign countries.