European Foreign ministers on Monday agreed on an oil embargo against Iran amid fears that Iran's government is developing nuclear weapons. The sanctions could go into effect as early as next week. EU member states who already have oil contracts with Iran, such as Greece, will have 5 months to fulfill them.
The ministers also agreed extra restrictive measures on the country's central bank. EU foreign policy chief Catherine Ashton said the sanctions want to persuade Iran to go back to the negotiating table.
Because of the sanctions Tehran is threatening western countries with blocking the access to the Persian Gulf. Swedish Foreign Carl Bildt said he believes that "sanctions alone" are not the answer.
Europe is Iran's second largest trading partner, accounting for 20% of its oil exports. But as China is their biggest customer, analysts think the embargo won't destroy Iran's economy. The U.S and the European Union want Asian countries also to join the embargo.
