Iran Braces for EU Embargo

European Union sanctions against imports of Iranian oil went into effect Sunday. The sanctions are part of a growing arsenal of measures aimed at deterring Iran’s nuclear program. But will they work?

Iran has had months to adjust to the new European Union sanctions, which were announced in January. The EU ban covers both oil imports from Iran and tanker insurance for ships carrying Iranian crude. But Ali Ansari, Iran expert for the London think tank Chatham House, says Iran is surprisingly unprepared for the fallout. “You would have thought they would have been expanding their avenue toward the east, but it looks like even the Chinese have reduced their take of Iranian oil – not dramatically, but they’ve reduced it. And it’s become quite difficult to sell their oil elsewhere, partly because of the banking sanctions and their inability to move currency around,” said Ansari.