Reports indicate that Iran has refused to deliver a 500k barrel oil shipment to Greece in response to EU oil sanctions on the Persian country. Since they're going to lose it anyways, perhaps Greece should have offered gold as payment for the sweet Iranian crude.
Iran has refused to deliver a 500,000-barrel shipment of oil to Greece in response to EU oil sanctions imposed against the country.
According to a report by Fars News Agency on Sunday, oil tankers that had come to transfer 500,000 barrels of Iranian crude oil to Hellenic refining complex in Greece were forced to return empty-handed after the Islamic Republic refused to deliver the shipment.
European Union foreign ministers agreed on January 23 to ban oil imports from Iran and to freeze the assets of the Iranian Central Bank across the EU. The sanctions will become fully effective on July 1, 2012, to give EU member states enough time to adjust to the new conditions and find alternative crude oil supplies.
The EU decision followed the imposition of similar sanctions by Washington on Iranian energy and financial sectors on New Year’s Eve which seek to punish other countries for buying Iran oil or dealing with the its central bank.