So, the EU had planned a 6 month phase in before a ban on purchasing Iranian oil - culminating in a total ban on 1 July. I'm guessing this is due to the fragile state of a number of the world's economies.
Seeing they potentially have the upper hand, Iran decides not to play ball - it is debating banning EU countries from buying oil immediately.
http://uk.reuters.com/article/2012/0...8CR10F20120127
So, Greece, Italy - If Iran does ban exports of oil to the EU, is it going to be the straw that broke the camels back?