Will Europe's Iranian oil embargo backfire?

The EU's vow to stop buying millions of barrels of oil a day from Tehran could have a devastating effect on Iran's economy

An oil tanker anchored near the Strait of Hormuz: In response to the EU's planned oil embargo, Iran has threatened to close the critical Persian Gulf oil passage.
(Image credit: Mohammad Berno/Document Iran/Corbis)

Taking a cue from the U.S., the European Union is trying to force Tehran to rein in its nuclear program by imposing damaging new sanctions on Iran, banning imports of Tehran's cash cow, oil. Iran, the world's third largest oil exporter, reacted angrily, renewing a threat to block all oil tankers from leaving the Persian Gulf by closing the Strait of Hormuz. Russia also warned that the new sanctions could be counterproductive, since an alienated Tehran might be less willing to cooperate with coming inspections by the International Atomic Energy Authority. Will the new sanctions really backfire?

These sanctions could help Iran's leaders: "While this might seem like a good way to way to stall Iran's nuclear ambitions," says Matthew Feeney at The American Conservative, these "foolish" sanctions, like past ones, will be ineffective. Either Iran will find new buyers for its oil, or its "already suffering" economy will collapse. And if Iran's leaders successfully blame the West for cratering the country's domestic economy, they would effectively silence Iran's oppressed political opposition and "unite the country behind the regime the sanctions are aiming to harm."

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