“Iran today has so much oil money to sprinkle around Europe, it doesn’t worry for a second that the Europeans would ever impose real sanctions on Tehran for refusing to open its nuclear program. … [T]hree more years of $60-a-barrel oil will undermine everything good in the world that the U.S. wants to do – and that’s no myth.”
Europe did take its time imposing sanctions on Iran, but in 2012, it imposed additional sanctions beyond those already approved by the United States and the United Nations – and specifically targeting Iranian oil exports. At the time, oil prices were hovering around $100 a barrel.
Friedman, Thomas L. 2005. “A Shah with a Turban.” The New York Times. Dec. 23: A27.