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Iran has threatened to pre-empt a European embargo on its oil by halting its exports to the region immediately, a move that could hit economically weak southern European countries.

The European Union this week approved a ban on crude oil imports from Iran from July 1, a five-month delay designed to give Greece, Spain and Italy time to find alternative supplies. 

Athens buys about a third of all its oil supplies from Iran.

Financial Times January 25, 2012

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