2 Major Oil Companies Halt Business with Iran

The French oil company Total and the Spanish company Repsol, responding to international sanctions, have responded to and halted business with Iran. Total has suspended oil shipments and Repsol pulled out of a contract to develop part of a major oil field. The two announcements are being seen as part of a trend apparently spurred on by passage of American legislation that will punish companies that supply oil to Iran. Iranian accounts are being scrutinized in banks that fear being charged with violating international sanctions causing difficulties for Iran’s financial infrastructure. Iranian President Mahmoud Ahmadinejad responded to the latest sanctions by ordering what he termed a “punishment.” He has postponed the next round of negotiations on the nuclear issue until August even though no date had been announced for the resumption of talks. U.S. Joint Chiefs Chairman Admiral Mike Mullen said on Monday night that he expects Iran to continue to work toward nuclear weapons even as sanctions are strengthened.