EU Nears Iran Oil Ban

    Iranian President Mahmoud Ahmadinejad, gestures, as he delivers his speech, after unveiling a five-volume book set containing "Documents on the Allied Occupation of Iran during World War II", at the presidency compound in Tehran, Iran, Wednesday, July 20, 2011. Ahmadinejad last year ordered the formation of a team to study the damages the country suffered from the 1941 Allied invasion in order to demand compensation. Britain and the Soviet Union invaded Iran on August 26, 1941, codenamed "Operation Countenance" to secure Iranian oil fields and ensure supply lines for the Soviets fighting Axis forces.

    Vahid Salemi / AP Photo

    Consider the economic noose around Iran tightened. The European Union has reportedly neared a decision to ban oil purchases from Iran, a move to signal disapproval in the nation’s nuclear program. The new, harsher sanctions will be announced by the end of the month. The U.S. has given a thumbs up to the action, saying that to get Iran’s attention, the world needs to focus on the oil sector. Iran meanwhile, dismissed the new threats, saying that the West is incorrect in assuming it is moving toward nuclear weapons.

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