EU to implement sanctions against Iran July 1 as planned
Brussels (Platts)–25Jun2012/1125 am EDT/1525 GMT

The EU’s sanctions against Iran — including a ban on oil imports and a ban on the provision of insurance for tankers shipping Iranian oil — will come into force as planned on July 1, EU foreign ministers said Monday.

The Response,

“They need the propping up of oil price, Russia has oil at 150$ on the barrel in its budget, with oil trading at almost half of that, and public dissent at historical highs, Russia needs high oil prices to quell any disharmony at home. A war is inevitable”. -dtrader