European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of punitive measures in 2012 even though the EU has not joined in. FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo Washington said that companies would have to wind down their activities with Iran by November 4 or risk exclusion from the U.S. financial system. Following President Barack Obama’s sanctions in 2012, Europe imposed its own Iran oil ban. This time, however, credit lines are getting cut off despite European leaders vowing to stick to the nuclear deal and European purchases are grinding to a halt. “These sanctions are going to be worse than […]