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. Countries that have been given waivers from the U.S. (in exchange for "significantly reducing" oil imports) are China, India, Japan, Malaysia, Singapore, South Korea, South Africa, Sri Lanka, Turkey and Taiwan. China's imports of Iranian oil have apparently actually increased by 35%.
Commodity Online reported on June 21 that India is now purchasing Iranian oil using their own currency and that India’s Bharat Petroleum Corp has made its first payment for Iranian oil in rupees. China is getting a good deal on Iranian oil and is apparently buying below market price and is doing this in gold.
Forbes reported last month that the only way to hurt Iran would actually be to scrap the sanctions.
Author and journalist Afshin Rattansi spoke with RT and says that the sanctions are unlikely to have the desired effect, and will, in fact, hurt the EU more than it will Iran. This especially relates to Italy and Greece, already suffering from severe economic problems. Rattansi says that effectively the EU is "shooting itself in the foot."