My Blog

EU Iran sanctions: Ministers adopt Iran oil imports ban EU foreign policy chief Catherine Ashton: "Tehran should come to the table" European Union foreign ministers have formally adopted an oil embargo against Iran over its nuclear programme. The sanctions involve an immediate ban on all new oil contracts with Iran, while existing contracts will be honoured until 1 July. Tehran denies that it is trying to develop nuclear weapons and says talks and not sanctions are the only way to resolve the dispute. The EU currently buys about 20% of Iran's oil exports. Meanwhile, the International Atomic Energy Agency, the UN's nuclear watchdog has confirmed it is sending a team to Iran between 29 and 31 January "to resolve all outstanding substantive issues". Last November the IAEA said in a report that it had information suggesting Iran had carried out tests "relevant to the development of

Eurozone finance ministers to focus on Greek debt   The talks could be crucial to the future of the euro Eurozone finance ministers are to meet later, with the Greek debt crisis likely to dominate proceedings. On the agenda will be what form Greek debt restructuring should take as part of a second bailout package for Athens. It comes after negotiators for private creditors left Greece without a deal to write off some of the country's debts. Separately, IMF boss Christine Lagarde has said the eurozone needs economic growth and bigger financial firewalls to resolve debt issues. Deadline The Institute of International Finance (IIF), which represents Greece's creditors, said a technical team would remain to work further on the details. European leaders agreed in principle last year that private lenders would voluntarily write off 50% of their loans to Greece, but private creditors still need to agree to the terms of the deal. A 130bn euro ($168bn; £