AFP reported that Iranian lawmakers went into a near month long recess without taking any action on a threat to impose a pre emptive oil embargo on European Union countries.

In retaliation to a phased in EU a ban on Iranian oil imports, Iranian lawmakers have been threatening for more than a week to immediately halt oil exports to Europe to destabilize the fragile economies of several EU states.

The initiative was delayed in late January, soon after being raised. In their last session on Wednesday before parliamentary elections on March 2, the lawmakers did not present a bill they were working on to stop oil shipments to Europe.

Instead they issued a non binding statement saying they backed unspecified retaliatory measures prepared by the oil and trade ministries and demanded that Iran's European customers be replaced with customers from other countries.

The parliament will hold its next session in just over three weeks' time, on March 4th 2012. Although Iranian officials and lawmakers say the EU ban will not affect Iran's oil exports or its economy, they have repeatedly expressed anger at the sanctions which are designed to pressure Tehran to halt its disputed nuclear activities.

(Sourced from AFP)