The European Union will place a trade embargo on Iranian oil imports on Thursday, following a meeting by EU diplomats, according to media reports.
“A lot of progress has been made,” a diplomat, who was not named, told Reuters. “The principle of an oil embargo is agreed. It is not being debated any more.”
The embargo, in tandem with the U.S. law signed into action by President Barack Obama earlier this week, is intended to ramp up pressure on Iran’s disputed nuclear program. Iran says that the program is peaceful, while Western governments say the Islamic republic is trying to make nuclear weapons.
Iranian Economy Minister Shamseddin Hosseini, via the semi-official Fars News Agency, said the recent sanctions will be overcome by Iran.
“The great Iranian nation should know that we will definitely overcome the arrogant powers’ sanctions,” he said, while adding that it will only happen under the preconditions of “the unity of all people from all walks of life.”
After Obama signed into law the sanctions, which target Iran’s central bank and banking sector, the country’s currency, the rial, fell to record low levels.
“Each and every Iranian will stand against the sanctions like a soldier,” Hosseini said.
