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Source: http://online.wsj.com/article_print/SB118705513094996781.html
Why Europe Has Leverage with Iran
[Wall Street Journal] Roger Stern - The U.S. stopped investing in Iran's energy industry in the 1990s thanks to sanctions imposed during Bill Clinton's presidency. Unfortunately, Europe stepped in to fill the void, with state-owned oil firms providing capital and energy technology. Today 80% of the Iranian government's revenue comes from oil exports and sales. Without Europe's support, the theocracy's fiscal lifeline would be a very thin thread. Credit and technology flow to Iran from the state-owned or -controlled oil firms of France (Total), Norway (Statoil), Italy (ENI) and Spain (Repsol). Clearly, standalone European sanctions could do a lot.