A high-ranking European Union official says the EU will make no exceptions to its embargo of oil imports from Iran.

The official said on condition of anonymity that European insurance and reinsurance companies will completely terminate their liability insurance on Iranian oil transports when the embargo takes effect July first.

The official added that some nations using European insurers and reinsurers asked to be acknowledged as exceptions to the embargo up until last week. But the official clarified it would be impossible although many partner countries will suffer shocks.