Oil refiners sever links to Iran

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European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran.

Industry executives and oil traders said that some refiners have either stopped or reduced new purchases of Iranian oil, although they continue to receive monthly oil supplies under earlier long-term agreements, or term contracts, that they cannot break without incurring penalties.

full: http://liveweb.archive.org/http://www.ft.com/cms/s/0/1cda2496-3c7a-11e1-9bcc-00144feabdc0.html