EU foreign ministers are preparing to meet in Brussels where a potential oil embargo against Iran targeting its nuclear program is expected to top the agenda. Our correspondent in Brussels Jack Barton reports that while the embargo appears to have been agreed to in-principle, deep divisions remain in Europe over the move – which could strain the already troubled economies of countries like Greece and Italy. The European Council in Brussels where foreign affairs ministers from the EU’s 27 member states are gathering to discuss a potential oil embargo on Iran along with possible sanctions against individual members of the government and institutions linked to Teheran’s financial sector. Europe is the second largest customer for Iranian oil so the embargo would no doubt be a blow to Iran. The problem is in the midst of an economic crisis the embargo would also be a major setback to many already troubled European economies. “There’s a discussion about whether there should be a delay. There’s also a discussion about what kind of sanction one would use. Would the sanctions affect oil contracts or also futures contracts? So there are creative debates taking place on how to cushion the consequences of the sanctions on Iran for the countries that are already facing major problems, major economic problems.” The EU’s representative on foreign affairs Catherine Ashton admits the potential economic impact is being closely examined and insists an embargo would not mean the EU had …

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