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8 February 2012 - 22:20

A senior Iranian lawmaker has warned that the recent sanctions engineered by the European Union (EU) on the Iranian oil industry will result in the collapse of European governments.

“The economic crisis in Europe will definitely become intertwined with the Iranian oil ban because if European countries cannot replace Iran’s high-quality crude oil, they will face serious problems,” spokesman for the Iranian Majlis (Parliament) Energy Commission, Seyyed Emad Hosseini, said Wednesday.

He added that the current media reports over Iran oil sanctions have adversely affected the global energy markets and served to redouble Europe’s financial problems, therefore, if the trend continues, some European governments will collapse.

The lawmaker advised European states “not to put their fate in the hands of the EU” because some powerful members of the European Union “dictate their political views to the bloc” and this will lead to the economic collapse of smaller European countries.

In their January 23 meeting in Brussels, EU foreign ministers imposed new sanctions on Iran which include a ban on purchasing oil from the country, a freeze on the assets of Iran's Central Bank within the EU, and a ban on the sale of diamonds, gold and other precious metals to Iran.

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.

In reaction to the EU anti-Iran measure, deputy chairman of Iran Majlis Energy Committee Nasser Soudani said on January 28 that the committee had finalized a double-urgency draft bill to stop oil exports to the EU as long as they continue to ban oil imports from Iran.

According to Soudani, the double-urgency bill would halt all oil exports to European countries for as long as they continue to ban oil imports from Iran.

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News ID 181475