The stupid* EU boycott against Iran is backfiring: while EU was supposed to start boycotting Iranian oil in six months, Iran has sped up the process and is boycotting EU beginning now. Some Mediterranean countries, notably the already troubled Greece (35%) and Italy (13%), are highly dependent on Iranian oil. Italy also saw the recent loss of its agreements with Libya for oil imports.
So far the mutual boycott only refers to oil but in fact Iran interests Europe mostly for other reasons:
|Iranian exports 2006|
Much of the foreign investment in Iran is European; European car-makers Volkswagen, BMW, Mercedes-Benz, Renault, Peugeot, Citroën and Fiat all have invested in Iran quite intensely; in the electronic sector Siemens and Alcatel both have contracts with Iranian companies.
It is interesting that Merkozy and their mouthpiece Ashton have not extended the boycott to all economical exchanges (see the directive), when these could mean in fact hurting the French and German capitalists. I wonder if Iran will nationalize European car-makers in the country, because that would be funny to watch.
*I say stupid because it is not comprehensive any approach to West Asian affairs must begin by boycotting Israel, the only rogue state in the area with nuclear weapons and an aggressive racist genocidal bunch on top of all that. And must continue with a policy of demolition of the theocracies of the Arab Peninsula. Then and only then we can consider Iran as next in line.