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Iran backed into a corner, like a boxer on the verge of knock out.

Europe Security News. In his Asia Tour, Treasury Secretary Timothy F. Geithner with Japan s finance minister, Jun Azumi, who pledged cuts in Iranian oil imports. Photo Credit Koji Sasahara AP

The council of European Union foreign ministers have formally adopted an oil embargo against Iran over its nuclear programme. The EU buys about 20% of Iran’s oil exports and its resolution is banning all new oil contracts with Iran.

The europeans also agreed to freeze on the assets of Iran’s central bank in the continent.

There was no official Iranian reaction yet.

Iran had “failed to restore international confidence in the exclusively peaceful nature of its nuclear programme”, British Prime Minister David Cameron, French President Nicolas Sarkozy and German Chancellor Angela Merkel said in a joint statement .

The statement of the CaMerKozy group (having PM D. Cameron as its newest member) is the following:

“Today, the EU agreed an unprecedented package of sanctions on Iran, including a full ban on Iranian oil exports.

“Our message is clear. We have no quarrel with the Iranian people. But the Iranian leadership has failed to restore international confidence in the exclusively peaceful nature of its nuclear programme. We will not accept Iran acquiring a nuclear weapon. Iran has so far had no regard for its international obligations and is already exporting and threatening violence around its region.  

“We call on Iran’s leadership immediately to suspend its sensitive nuclear activities and abide fully by its international obligations. The door is open to Iran to engage in serious and meaningful negotiations about its nuclear programme. Until Iran comes to the table, we will be united behind strong measures to undermine the regime’s ability to fund its nuclear programme, and to demonstrate the cost of a path that threatens the peace and security of us all.”

Earlier on Monday, the Pentagon said the US aircraft carrier USS Abraham Lincoln, as well as a British Royal Navy frigate and a French warship, had passed through the Strait of Hormuz at the entrance to the Gulf without incident, in the wake of Iranian threats to block the trade route. The entrance of the Allies in the Persic Gulf is a demonstration of strength and unity, that should be well taken into account by the religious leaders  of Iran.