European Union Agrees To Ban Iranian Oil Imports | European Union governments today agreed in principle to ban imports of Iranian oil. “A lot of progress has been made,” one E.U. diplomat told Reuters, speaking on condition of anonymity. “The principle of an oil embargo is agreed. It is not being debated any more.” The E.U. is the second largest market for Iranian oil (behind China) which currently buys nearly 20 percent of Iranian crude exports.