EU FOREIGN MINISTERS AGREE IRAN SANCTIONS LEGAL TEXT

European Union foreign ministers formally signed off on a legal text enforcing the Iran sanctions they agreed in January, the European Council said Friday.
The legal text, which took two months to agree and, according to diplomats, runs to 338 pages sets out the details of how an oil embargo on Iran and sanctions on the central bank and other Iranian entities will work.
The finalizing of the text, which is expected to be published in the EU's official journal by Monday, comes after some exemptions were agreed late Thursday allowing European companies to insure some shipments of Iranian oil exports until July 1. That's the date when the full oil embargo comes into effect.
The legal text will also detail the exemptions on dealing with Iran's central bank. Some exemptions will be allowed to permit legitimate, non-oil related change.
The ratcheting up of sanctions on Iran were agreed in January amid growing concerns about the Islamic Republic's nuclear program.
The U.S. and some EU member states say Iran is seeking to develop nuclear weapons, a charge Tehran denies.
Talks on the nuclear issue are set to begin in the "next few weeks," U.K. foreign secretary William Hague said Friday.

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