Europe moves toward oil embargo against Iran - World Watch - CBS News
While Iran and the U.S. talk tough over naval activity in the Persian Gulf, European Union leaders have decided to join the U.S. in imposing increasingly harsh sanctions against the Islamic republic over what many assume is a rapidly-developing nuclear weapons program there.
At an E.U. ministers meeting in late January, diplomats are expected to announce plans for an embargo against Iranian crude oil, according to the BBC.
The embargo would hit Iran much harder than the current round of sanctions against it imposed by mostly the U.S. and Europe. The EU currently accounts for around 17 percent of Iranian oil exports, according to the BBC, and the Iranian state gets more than half of its revenue through the export of crude oil.
In order to avoid mass disruptions in the world oil supply, Europe's embargo is expected to be rolled out in stages, if implemented, The New York Times reports.