An EU embargo on imports of Iranian oil gives both sides room to manoeuvre, but Syria is feeling the pinch from earlier EU sanctions. The Iranian parliament will consider on 29 January a motion to pre-empt EU oil sanctions, by banning exports to the bloc before the latter’s embargo on Iranian oil imports comes into effect. The EU embargo makes spot purchases of Iranian crude illegal immediately, but allows term contracts to continue until 1 July. EU buyers of Iranian crude should have little difficulty finding replacement supplies by July, the IEA says. But Iran hopes that pre-emptive export cuts will push up oil prices and disrupt fragile EU economies.
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