EU Foreign Ministers are moving towards a consensus on slapping more draconian sanctions on Iran, a key topic of discussion at their latest informal meeting held in Paphos, Cyprus, earlier this month. France and Germany are leading efforts to target Iran’s gas industry, which could prove problematic for Turkey as its principal importer.

According to BP’s Statistical Review of World Energy 2012 Turkey imported around 8.4 bcm of gas from Iran amounting to 20% of its needs. Turkey is already complying with EU measures to cut annual crude oil imports from Iran by 20% and additional restrictions to its energy dealings – provided that they are supported by Washington – are likely to provoke a significant backlash from Ankara, which is now Iran’s largest OECD oil and gas customer. (CONTINUED - 791 WORDS)