While the European Union has not imported any Iranian oil and gas to date, the option should be considered. This is especially important given that alternative energy suppliers on par with Russian gas exports are few. With oil prices currently falling below the benchmark price required for the Iranian government to balance its federal budget, a window of opportunity has opened up for the two counterparties to find a way out of their impasse.
According to recent BP reports, Iran holds the second largest natural gas reserves after Russia — equivalent to 15.8 percent of global total gas reserves...
Economics dictate policy, business directs politics.