EU puts trade with Iran ahead of British hostages

Times:

European foreign ministers failed last night to back Britain in a threat to freeze the €14 billion trade in exports to Iran, as the hostage crisis descended into a propaganda circus.

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EU foreign ministers meeting in Germany called for the sailors to be freed but ruled out any tightening of lucrative export credit rules. The EU is Iran’s biggest trading partner. British officials are understood to have taken soundings on economic sanctions before the meeting but found few takers.

France, Iran’s second-largest EU trading partner, cautioned that further confrontation should be avoided. The Dutch said it was important not to risk a breakdown in dialogue.

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Britain’s response to the seizure of its sailors and Marines has been branded weak by Republicans in Washington. John Bolton, until recently the US Ambassador to the United Nations, described the Government’s incremental approach as “pathetic”.

He said that Mr Blair should be threatening “real pain, real economic sanctions” unless Iran released the sailors immediately. “Britain has got to be tougher here,” he said.

Newt Gingrich, the former Speaker of the House of Representatives, urged Britain to threaten military force to destroy Iran’s petroleum industry.

The position of the EU is disgusting. They have the power to bring the evil regime in Tehran to its knees and they would rather engage in commerce with them than see the kidnap victims freed. The UK could also be more forceful. Perhaps a threat to destroy Iran's petroleum industry would spur the EU into action to defend their investments.