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http://www.newsroomamerica.com/story/210788/iran_threatens_first_action_over_eu_embargo.html

Iran Threatens First Action over EU Embargo

By Jon E. Dougherty at 7:05 pm Eastern

(Newsroom America) -- Iran said Wednesday it may act first regarding European Union threats to embargo crude from the Islamic republic, with Tehran saying it may cut off shipments to the continent which could hurt some economically strapped EU nations.

The threat comes following a decision by the EU this week to embargo Iranian crude beginning July 1, to give nations time to find alternative supplies, especially Greece, Spain and Italy. Greece buys about one-third of all its oil supplies from Iran, the Financial Times reported.

Officials in those three nations said they would use the delay before the embargo to ask other nations, particularly other suppliers in the Middle East, to make up for lost Iranian crude.

An Iranian official told the semi-official Mehr news agency Iran may not have any choice but to act first.

"If the plan is approved, the government will be obliged to stop its oil sales to Europe before the EU begins its oil embargo against Iran," said Emad Hosseini, spokesman for the Iranian parliament’s energy committee, who added that Iranian lawmakers were finishing a bill to end all trade with Europe.

Other Iranian officials, as well as Iranian newspapers and media outlets, have echoed a similar sentiment.

"Why should we not stop oil exports to European states immediately and replace them with other numerous customers who are ready to buy [Iran’s oil]," said an editorial in the Kayhan newspaper, whose editor is appointed by Iran's supreme leader, Ayatollah Ali Khamenei, FT reported.

In 2011, the EU bought about 600,000 barrels of crude a day from Iran, the report said, or about a quarter of all Mideast oil exports. China, meanwhile, is Iran's largest customer, purchasing 500,000 barrels per day, FT reported.