Iran halts oil sales to two major Greek firms

The Islamic Republic of Iran has terminated oil sales to two major Greek firms over their failure to pay for their crude purchases from Tehran, Press TV reports.

Iran’s decision to bar Hellenic Petroleum and Motor Oil Hellas from purchasing Iranian crude came after they defaulted on their purchases from Tehran.

The interruption of oil flow from Iran is expected to further deepen the financial crisis in Greece.

Oil prices have shot up in recent months in the wake of Iran’s decision to halt its crude exports to certain European countries in response to the European Union (EU) oil embargo on Tehran.

Iran has already cut oil exports to France and Britain in retaliation for the Western-led sanctions imposed on its oil industry.

On January 23, EU foreign ministers approved sanctions against Iran, including a ban on Iranian oil imports, a freeze on the assets of the Central Bank of Iran (CBI) within the bloc’s states and a ban on selling diamonds, gold, and other precious metals to Tehran.

The EU sanctions are meant to coerce Iran into abandoning its nuclear energy program, based on allegations that Tehran is seeking to weaponize its nuclear technology.

Iran rejects the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.