REPORT: Iran May Consider Halting Nuclear Expansion

AP Iran Oil

Iran may halt the expansion of its nuclear program to keep the European Union from imposing new sanctions, Bloomberg’s Stephen Kravchenko and Henry Meyer report.

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The EU had planned to impose its ban at the start of July.

Brent crude trading in New York immediately dropped on the report, as Iran accounts for about four per cent of global supply.

Ambassador Mahmoud-Reza Sajjadi told Bloomberg that the country would consider a Russian plan that would stop it from producing new centrifuges that enrich uranium.

Iran may also agree to greater inspections under a United Nations proposal.

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