Iran Warns EU That Oil Embargo Would Be "economic suicide"

Iran's OPEC governor, Mohammad Ali Khatibi, scoffed at a proposed European Union embargo on Iranian oil as "economic suicide" for Europe.

European states are considering whether to join the US in its bid to further isolate Iran by outlawing transactions with Iran's central bank, which would make it harder for customers to pay for Iranian oil and thereby reduce Iranian oil shipments.

"Regarding the economic crisis in the eurozone, imposing any sanction on Iran's oil will push European countries into a deeper crisis," Khatibi said.

Iran sells approximately 20% of its oil exports to Europe.