EU formally adopts Iran oil embargo

January 23, 2012 at 10:39a.m.

BRUSSELS (AP) — The European Union imposed an oil embargo against Iran today and froze the assets of its central bank, part of sanctions to pressure Iranian officials into resuming talks on the country’s controversial nuclear program. The measures, approved in Brussels by the EU’s 27 foreign ministers, include an immediate embargo on new contracts for crude oil and petroleum products. Existing contracts with Iran will be allowed to run until July.