In a further bid to dissuade Iran from continuing its nuclear program, an embargo against Iranian oil imports is thought to be on track to win approval by European Union foreign ministers when they meet at the end of the month, according to the Telegraph.
The tentative agreement was announced on Wednesday, just days after French Foreign Minister Alain Juppe renewed pressure for such an embargo, and less than a week after U.S. President Barack Obama signed legislation that will impose sanctions on foreign companies that do business with Iran.
Here are some of the key details about the proposed embargo and Iran's response to the increased pressure by global leaders to halt their nuclear program.
* The possibility of an embargo against oil imports from Iran was first discussed by the EU in December, but stalled over objections by Spain, Italy, and Greece. All three nations get a significant portion of their oil from Iran.
* If the embargo is approved at the end of the month, it is likely to be carried out in stages to allow other oil suppliers time to compensate for the shortage of Iranian oil imports.
* Europe accounts for 30 percent of Iran's total oil exports, according to the Telegraph, which equals out to approximately 450,000 barrels every single day.
* Iran has responded to the EU's proposed oil embargo by threatening to close the Strait of Hormuz, which is an essential transportation line for global oil supplies.
* Europe, China, and Japan are Iran's biggest oil buyers. On Thursday, Reuters reported that China has said that it will continue purchasing only half of its normal quantity of oil from Iran at least through February. Japan has also now announced that it is considering cutting back the amount of oil it purchases from Iran in order to avoid running afoul of the U.S. sanctions signed into law by President Obama last week.
* The International Herald Tribune has reported that oil and oil exports are responsible for as much as 60 percent of Iran's overall economy.
* The oil embargo, coupled with the new sanctions by the United States, are the toughest sanctions that Iran has faced yet over its fledgling nuclear program. Western nations have maintained that Iran is developing nuclear capabilities to be used militarily, which the Iranian government denies.
* At least part of the West's insistence that Iran intends to use any nuclear capabilities for military purposes comes from a recent assessment into Iran's intentions by the International Atomic Energy Agency (IAEA). That body concluded that Iran's plans for its nuclear program were absolutely geared towards military objectives.
Vanessa Evans is a musician, traveler, and freelance writer with an interest in European studies and events.
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