Iran denies Greece major oil shipment - report
RT / February 26, 2012
Western powers have been putting pressure on Iran by crippling its oil export since December, when a ban on Iranian oil was issued by the US. The EU, which unlike the US buys considerable amount of crude from Iran, joined the sanctions in late January. But it allowed import to continue for six months to allow European refineries find new supply routes and possibly to adjust to different brands of crude.
Tehran however pulled the rug from under European’s feet by banning export to some EU countries ahead of the scheduled cut. On February 19, it officially denied export to Britain and France, the two key sponsors of the EU sanctions.
By staggering the cut offs to one new nation every week Iran can cut losses since the cost of their crude goes up compensating for the reduced volumes sold.