Oil war with Iran will cripple EU

In the wake of the European Union’s decision to impose an oil embargo on Iran, a member of Iran’s Majlis warns that engaging in an oil war with the Islamic Republic will bring the EU to its knees.

Iran will not allow even a drop of oil to be exported to the EU states in case of an oil war, said spokesman for the Majlis Commission on Energy Emad Hosseini on Thursday.

Iran, which has the third largest oil reserves in the world, cannot be removed from global energy transactions, he added.

Iran is a strong country and oil sanction against it will harm the EU because it will enable Tehran to ensure its oil dominance in the region, the legislator pointed out.

Hosseini stated that Europe will be the main loser in the oil war between Iran and the EU since the bloc will face additional pressure and internal crises after a halt to Tehran’s oil exports.

The EU imposed new sanctions against Iran in a meeting of the 27-nation bloc’s foreign ministers on January 23.

The body agreed to ban oil imports as well as petroleum products from the major OPEC member state and freeze the assets of the Central Bank of Iran (CBI) across the EU.

The bloc also imposed a ban on the sale of diamonds, gold and other precious metals to Iran.