Iranian MPs seek to shut Hormuz for EU-bound tankers

IRAN: Iranian MPs have signed a draft law aimed at banning Europe-bound oil tankers from using the Strait of Hormuz to punish EU nations that slapped sanctions on the Islamic republic, reports said on Monday.

“This project is a response to the oil sanctions imposed by the European Union on the Islamic republic,” Ebrahim Agha Mohammadi, of parliament’s foreign affairs committee, was quoted as saying by Mehr news agency.

“In line with this draft law, the government has the right to stop the transit of tankers (through Hormuz) carrying oil to countries which have imposed oil sanctions on Iran,” he added. Parliament would be asked to approve the draft law and consider it a “priority,” he said. An EU embargo on Iranian oil went into effect on Sunday, provoking anger in Tehran which says the measure will hurt talks with world powers over its sensitive nuclear activities.

Oil market observer bodies and analysts say the embargo, coupled with US financial sanctions ramped up on Thursday, are gutting Iran’s vital oil exports, which account for half of government revenues.

AFP