Switzerland will continue to purchase Iranian oil in defiance of the European Union sanctions on the Islamic Republic that came into effect on July 1. The Swiss Federal Department of Economic Affairs stated that Switzerland will not join the oil embargo against Iran, despite pressure from the United States and the EU, IRNA reported on Friday. Switzerland says that any decision on the import, sale,... 

The EU will immediately ban new oil deals with Iran and implement a total boycott of Iranian oil in July 2012, under sanctions discussed by the 27 Foreign Ministers today. Sanctions could also target the activities of a number of Iranian companies, individuals and financial institutions, including the country’s central bank. British Foreign Secretary William Hague said the measure was part of... 

The military showdown in the Persian Gulf seems even more inevitable, with the UK foreign secretary not ruling out military action against Iran. Applying even more pressure to the country, Europe may ban Iranian oil imports by the end of the month. ­The UK will continue to pursue a diplomatic solution to bringing Iran to the negotiating table, although, according to the UK Foreign Secretary William...