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March 20th, 2012 
FAKE NEWS for the Zionist agenda Representatives of EU states met in Brussels on Tuesday to debate a proposal which would allow all insurance contracts related to Iranian crude oil bound for countries outside the EU to be extended beyond July 1, but no agreement was reached.
“For the moment there is no deal. Discussions will continue tomorrow,” an EU diplomat with close knowledge of the talks told Reuters.
Foreign ministers of the 27-nation bloc are scheduled to meet in Brussels on Friday to discuss this and other issues.
The European Union approved new sanctions on Iran’s oil and financial sectors on January 23 which aim to prevent member states from buying Iranian crude or doing business with its central bank. The sanctions will be fully enforced as of July 1.
EU sanctions, experts say, threaten to disrupt oil shipments to other countries because about 95 percent of the world’s tankers are insured against risks such as oil spills by the 13 members of the London-based International Group of PI Clubs.
Secretary and executive officer of International Group of PI Clubs Andrew Bardot says the new proposal would allow tankers owned outside the EU to continue carrying Iranian oil even if they are insured in Europe.
On Friday, March 16, an unnamed South Korean government source told Reuters that Japanese and South Korean insurers are trying to persuade the European Union to reconsider its sanctions against Iran so that Europe’s insurance market can proceed with covering Iranian oil shipment to Asia.
“We argue that this regulation [EU sanctions] applies too broadly as it also hits non-European companies. Not only South Korea but also Japan, China and others face the same situation,” the source added.
The US and EU have imposed tough financial and oil sanctions against Iran since the beginning of 2012, claiming that the country’s nuclear energy program includes a military component.
Tehran refutes their claims noting that frequent inspections by International Atomic Energy Agency have failed to prove any diversion in Iran’s nuclear energy program toward military purposes.
SS/AZ/IS
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