Iran drafts bill to close Strait of Hormuz

Iran is planning to close the Strait of Hormuz to oil tankers traveling to countries supporting economic sanctions against the Islamic Republic.

The EU embargo against Iran went into effect on July 1. While theories are that this will not affect Iran too badly, lawmakers in the Islamic Republic are drafting a bill, which would effectively close the Strait of Hormuz to oil tankers delivering to countries supporting the economic sanctions against Iran.... read more.

Video: Oil sanctions only hurting EU — Iran doing just fine

As at July 1, the EU embargo on Iranian oil is in place. The sanctions are aimed at pressurizing Iran to curb its nuclear program.

Digital Journal reported on June 26 that the Iran oil embargo would start on July 1.

According to Iran, these sanctions are not really a problem, as the country has been stockpiling money and goods as a buffer.

On Saturday, central bank governor Mahmoud Bahmani, told reporters that Iran is "easily" selling its oil despite the sanctions, as the U.S. has exempted some countries from penalties in dealing with Iran... read more and watch interview.