PM: EU Embargo 'Step in the Right Direction'

Prime Minister Binyamin Netanyahu said Monday that he believed that the EU embargo of Iranian oil was a “step in the right direction.” Speaking at a Likud faction meeting, Netanyahu said that while he approved of adding sanctions against Iran in order to discourage the country from continuing its nuclear program, “the effectiveness of the sanctions will be tested in their results.”

The EU decided Monday to immediately suspend all new oil contracts with Iran. Existing contracts must be ended by June.