Sanctions from the European Union on Iran because of their continuing nuclear program will probably result in BP (NYSE:BP) having to shut their gas field located of of Scotland because of their partnership with Tehran in the project.
The EU approved sanctions on Iran on Monday, which target the energy sector of the country, which is vital to the economy of Iran.
An EU spokesman said, "The UK authorities have informed the (European) Commission that the Iranian sanctions legislation is likely to cause the closure of this field."
The sanctions have been put in place in order to bring Iran back to the bargaining table over the enrichment of uranium, said EU leaders.
"This is an intended effect of the legislation and it shows that the UK authorities are ready to take the difficult decisions that are necessary to make the sanctions effective," added the EU spokesman.
Tehran has denied the accusation from the West that their nuclear program is being used to build an atomic bomb rather than the proposed energy program they assert it is.
The gas field to be closed is the Ruhm field.
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