In an attempt to put further pressure on Iran, European Union is mulling over taking the toughest stand so far – impose a ban on Iranian crude oil import. The latest development has taken place on Wednesday when leaders of European nations joined forces to stop Iran from continuing with its nuclear program. A final decision is likely to be reached on January 30.
Till now, Iran has maintained that its nuclear program is purely aimed for civilian purposes. But the United States, now the European Union and most of the world see it otherwise. They want Iran to immediately stop its uranium enrichment. In the meantime, European Union nations who depend on Iran for crude oil would have to find alternative solutions.
It is reported that export of crude oil make up more than 50 percent of Iran’s revenue, out of which Europe alone contributes roughly 17%. If European nations go ahead with their decision to stop oil import from Iran, it would have to hunt for new buyers in Asia to make up for trade in Europe. That too looks like Iran would probably have to settle for a price lower than what it is getting from Europe. Currently, Iran has no trading relation with the United States. Even the United Kingdom and Canada have recently imposed sanctions on Iran. Seeing from here, the future surely looks quite bleak for Iran.
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