Deal on EU embargo of Iran's oil remains in doubt (AP)

BRUSSELS ? A diplomat says agreement on an EU embargo on Iranian oil remains in doubt, days before foreign ministers plan to meet in Brussels in hope of adopting such a ban.

The intent is to choke off funding for Iran's nuclear program, which many Western governments believe is geared toward developing nuclear weapons ? something Iran denies.

Under a compromise being discussed, the ban would take effect immediately but existing contracts would be honored until July 1, the diplomat said. The diplomat, accredited to the European Union, spoke on condition of anonymity to discuss ongoing talks.

The full embargo would then take effect, but possibly only after further review of the impact so far on oil prices. Greece, in particular, is in economic trouble and relies on Iranian oil.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_re_eu/eu_iran_oil_embargo

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