Iran halted its crude oil exports to the Netherlands, Greece, France, Portugal, Spain and Italy in February, in retaliation for the previous month's sanctions imposed against it by the European Union (EU). Tim Armsby, partner and MENA (Middle East and North Africa) expert at international law firm Eversheds, comments: The EU hasalready announced a suspension of imports from Iran with effect from 1 July. EU member states currently purchase about 20% of Iran's annual production, with Italy being the largest purchaser. The suspension was timed so as to give the EU time to source alternative supplies and Saudi Arabia has indicated that it will increase consumption to assist in this respect.'
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